When we were looking at this pair the last time, we expected a break out of the triangle formation on the bigger timeframe, a confirmation of this move and then a bullish motive wave. The price broke out of the triangle, and has made a smaller correction and bounced back up from the upper line of the triangle. We are expecting that bullish move to happen now shortly. The price may stumble around the upper triangle line a bit before that, but we do not expect a big bearish move right now.
On the 4H chart, we can see, that a double top has formed, hence the bearish move that we are in right now. Again, we do not expect a big bearish move at the moment. Looking for a bullish motive wave.
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On the 4H chart, we can see, that a double top has formed, hence the bearish move that we are in right now. Again, we do not expect a big bearish move at the moment. Looking for a bullish motive wave.
Feel free to grab a copy of our Free Weekly Market Outlook Here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!