Okay so I analyzed this chart a few weeks ago and unfortunately for me the super-strong trendline broke and the price didn't go in the direction I expected it too - however, in the longer term, my analysis was correct in a sense that the trendline was strong and soon enough the price rejection of that trendline corrected itself and has now rapidly hurled itself down past my initial target at 180.300.
By analyzing the long term technicals of this pair it's very obvious to see that it's riding a consistent uptrend spanning a few years now. However, the market moves in waves and this pair has to have a leg down before it can make another leg up - although I'm not analyzing that far. For now, I'm predicting this pair to fall to 175.750 based on the past two months price action. Between early January and February of this year, the pair stayed in a sideways trend which eventually broke to the upside only to bounce off that trendline (before eventually breaking it). However, the price has now smashed through that huge support/resistance level at 179.300. My bias on this now is for it to go to the next logical point and follow the current, short-term trend; which is bearish and down to 175.750.
The price may bounce back up to that resistance level at 179.300 but due to the huge price movement over the past few days I feel the pair has the momentum and direction to make the leg down to 175.750 successful. It also comes with a nice 3.5 RR; this is because the potential for the movement to happen is high, but if the market goes above the major resistance level then it could become a whole different story.
By analyzing the long term technicals of this pair it's very obvious to see that it's riding a consistent uptrend spanning a few years now. However, the market moves in waves and this pair has to have a leg down before it can make another leg up - although I'm not analyzing that far. For now, I'm predicting this pair to fall to 175.750 based on the past two months price action. Between early January and February of this year, the pair stayed in a sideways trend which eventually broke to the upside only to bounce off that trendline (before eventually breaking it). However, the price has now smashed through that huge support/resistance level at 179.300. My bias on this now is for it to go to the next logical point and follow the current, short-term trend; which is bearish and down to 175.750.
The price may bounce back up to that resistance level at 179.300 but due to the huge price movement over the past few days I feel the pair has the momentum and direction to make the leg down to 175.750 successful. It also comes with a nice 3.5 RR; this is because the potential for the movement to happen is high, but if the market goes above the major resistance level then it could become a whole different story.