We can draw a pitchfork which is encompassing price action since March 2015. In recent days, bears tried to break the lower boundary of the pitchfork but failed and we witnessed multiple long lower shadows indicating persistent buying interest. By the way, the time of decision is nearing and if the bears manage to break the 1.1137 support to the downside, the pitchfork is broken and a bearish plunge is expected. Otherwise and if the bulls succeed in breaking the 1.128 resistance, I will expect a breakout of the 1.10-1.14 range to the upside.
With NFP coming tomorrow, I think this puzzle will be solved soon.
Good luck,
Ali Sharifazadeh, CFTe
With NFP coming tomorrow, I think this puzzle will be solved soon.
Good luck,
Ali Sharifazadeh, CFTe