DislikedHey guys,
I have a support line at 1.5627.
The trend is down with a formation of what I can tell is a downwards channel. Also, there was a double tops that initiated a downwards movement. If you notice we can see a first wave, a retracement, a second wave, and what I see is a retracement for the second wave.
I strongly believe we could have a third wave downwards before it goes back up.
Tell me your impressions...
Jupiter.Ignored
Well spotted, that double top. Strong reversal-pattern as usual.
As you say, we are channeling downward and short position seems safer than long, IMO. That is until we break upper TL.
I expected price to continue upward after breakout-target from ascending triangle (which fitted with round number .5600) was achieved, but we "only" saw an 50 pips bounce.
But bears have been in control, heavily, as we can see on the angle on our 4h TL's. Let's see how this develop.
Measure twice, cut once