With this weeks fast PA right to the 161 extension of the
ABCD pattern formed from the top back in May, the medium
term outlook has become more clear. The way price pierced
through Yearly PS1 shows exactly this. If there will be some
profit taking at current level of completed ABC161D pattern
a bounce should be sold preferrably around 1,3050 and the
Yearly PS1, due to the new more bearish outlook. However,
the mini target of the Tech. pattern lays a bit higher, slightly
above 1,32. There isn't much of support below 1,29 until
1,27, which is the 2x extension, horizontal SR level and
Monthly S3. If the current level fails to give some support,
chances are higher that the 1,27 level will do that, aiming
to sell a bounce as a main strategy (rather than trying to
pick a bottom).
ABCD pattern formed from the top back in May, the medium
term outlook has become more clear. The way price pierced
through Yearly PS1 shows exactly this. If there will be some
profit taking at current level of completed ABC161D pattern
a bounce should be sold preferrably around 1,3050 and the
Yearly PS1, due to the new more bearish outlook. However,
the mini target of the Tech. pattern lays a bit higher, slightly
above 1,32. There isn't much of support below 1,29 until
1,27, which is the 2x extension, horizontal SR level and
Monthly S3. If the current level fails to give some support,
chances are higher that the 1,27 level will do that, aiming
to sell a bounce as a main strategy (rather than trying to
pick a bottom).
