Based on my naked analysis, I started on the monthly and noticed that my blue EMA was still above my red MA. To me that indicates that the trend for this market is still bullish. Last week this pair ended off in a bearish trend on my lower time frame chart (1hr) which you can see on the chart after 4 levels of drop.
The pair now looks like it is forming an inverted head and shoulders. According to price action this pair has gone up almost 30 pips since the open of the market today. I expect this to hit the 1.29358 support after a short rise and then rally off for about 3-4 levels of rise.
The pair now looks like it is forming an inverted head and shoulders. According to price action this pair has gone up almost 30 pips since the open of the market today. I expect this to hit the 1.29358 support after a short rise and then rally off for about 3-4 levels of rise.
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