Hello traders!
In the morning we had noticed the support around 1.2433 and had recommended a placing of stop loss below 1.2410. The market has managed to hold on above that so far. The weekly support is exactly at 1.2400 and that is an important support area for our long trade. It is normal for the market to attempt consolidation around such important areas. Now, I notice a possible harmonic pattern within the larger harmonic pattern that we had discussed earlier. The target for the small ABCD pattern is at 1.2520 area and that is also the recent highs that the market will try to test in the short term.
I still hold on to the earlier analysis and still believe the context for the retracement and move to complete the final target of the wedge pattern still persists.
We will keep a close tab on this trade.
Happy trading and happy pippin!
In the morning we had noticed the support around 1.2433 and had recommended a placing of stop loss below 1.2410. The market has managed to hold on above that so far. The weekly support is exactly at 1.2400 and that is an important support area for our long trade. It is normal for the market to attempt consolidation around such important areas. Now, I notice a possible harmonic pattern within the larger harmonic pattern that we had discussed earlier. The target for the small ABCD pattern is at 1.2520 area and that is also the recent highs that the market will try to test in the short term.
I still hold on to the earlier analysis and still believe the context for the retracement and move to complete the final target of the wedge pattern still persists.
We will keep a close tab on this trade.
Happy trading and happy pippin!
