Pay good attention to this pairs, I have been watching it closely for more than a month now, it has a very obedient price movement.
On the WEEKLY Timeframe, we have seen a very long downtrend finding its bottom at 1.1799 on Aug 2012, there has been a gradual retrace to the current support we have now. It forming a W pattern where we shall find our neckline at 1.5636 and wait for bullish signal to the upside.
Daily and 4hr Timeframes are very important right now as we still have a very lovely obedience to this trendline that has been serving as a support for a very long time. We hope to see this continues.
But very quickly and most importantly, we are awaiting a Top Reversal signal at the close of the daily or 4hr candle. And we shall hope it gives us a movement to the upside.
The trendline has not been broken yet, but it is very likely to find a support on the trendline at 1.6038 .
The current downtrend is the daily breakout of the M pattern where we had a free fall from the neckline at 1.6338
We await a trendline reversal at the close of the 4hr candle, if we fall, we will touch the support trendline at 1.6038.
Goodluck.
On the WEEKLY Timeframe, we have seen a very long downtrend finding its bottom at 1.1799 on Aug 2012, there has been a gradual retrace to the current support we have now. It forming a W pattern where we shall find our neckline at 1.5636 and wait for bullish signal to the upside.
Daily and 4hr Timeframes are very important right now as we still have a very lovely obedience to this trendline that has been serving as a support for a very long time. We hope to see this continues.
But very quickly and most importantly, we are awaiting a Top Reversal signal at the close of the daily or 4hr candle. And we shall hope it gives us a movement to the upside.
The trendline has not been broken yet, but it is very likely to find a support on the trendline at 1.6038 .
The current downtrend is the daily breakout of the M pattern where we had a free fall from the neckline at 1.6338
We await a trendline reversal at the close of the 4hr candle, if we fall, we will touch the support trendline at 1.6038.
Goodluck.