Price has hit a longer term trendline after completing the ABCD pattern,
and on the H4 timeframe we can see Bearish Divergence with a MACD
crossing. With the Monthly Pivot Point (1.0805) yet untraded it looks like a natural
destination for a retracement here, which may also close that GAP at 1.0775 (low end).
Another attempt to break the trendline should be capped by the 1.272 extension
of the ABCD pattern at 1.11.
To play a correction, look for entries on lower timeframes,
like the H1. A H4 close below the Weekly PP at 1.0957 may also trigger a sell off
with first target at Weekly S1 at 1.0916 just above the upper Kumo Cloud.
The minimum target of the ABCD pattern stands at 1.0732 if you dismiss the
overshoot and with the overshoot it stands at 1.0760.
Any sharp move up may warn of a serious break of the trendline with a natural target
by the Yearly R1 at 1.1305
and on the H4 timeframe we can see Bearish Divergence with a MACD
crossing. With the Monthly Pivot Point (1.0805) yet untraded it looks like a natural
destination for a retracement here, which may also close that GAP at 1.0775 (low end).
Another attempt to break the trendline should be capped by the 1.272 extension
of the ABCD pattern at 1.11.
To play a correction, look for entries on lower timeframes,
like the H1. A H4 close below the Weekly PP at 1.0957 may also trigger a sell off
with first target at Weekly S1 at 1.0916 just above the upper Kumo Cloud.
The minimum target of the ABCD pattern stands at 1.0732 if you dismiss the
overshoot and with the overshoot it stands at 1.0760.
Any sharp move up may warn of a serious break of the trendline with a natural target
by the Yearly R1 at 1.1305