Hello,
Excuse any imperfections as I am posting from my cellphone. Also, forgive the 10000 red and green lines. They are a combination of weak/strong support/resistance for short term trades that I use.
It's pretty clear that we currently have some bullish moment from fairly strong support at 1.16210. However, this momentum may be short lived as we approach the black descending line. This line represents the descending resistance all the way back to the recession in 2008. Zoom out in the monthly chart and you'll see.
Additionally, we have technically broken down out of a ascending wedge. We also appear to be forming a descending triangle which is one of my favorite patterns to short.
The descending triangle has a target of about 1.12, the descending wedge has a target of about 1.09.
With the US election, stimulus, etc we can expect a large movement. Use caution around this resistance, we could see a substantial correction soon.
Excuse any imperfections as I am posting from my cellphone. Also, forgive the 10000 red and green lines. They are a combination of weak/strong support/resistance for short term trades that I use.
It's pretty clear that we currently have some bullish moment from fairly strong support at 1.16210. However, this momentum may be short lived as we approach the black descending line. This line represents the descending resistance all the way back to the recession in 2008. Zoom out in the monthly chart and you'll see.
Additionally, we have technically broken down out of a ascending wedge. We also appear to be forming a descending triangle which is one of my favorite patterns to short.
The descending triangle has a target of about 1.12, the descending wedge has a target of about 1.09.
With the US election, stimulus, etc we can expect a large movement. Use caution around this resistance, we could see a substantial correction soon.
