A chart:
After a very bullish month we see a classic pattern, a pennant, often leading to a retracement. If the little trendline breaks and drops through 1.28, we could see weaker longs closing and there are several possible targets. In my opinion the technical target of the pennant is the most likely at 1.2680, but there is support at 1.2725. A break of 1.2625 could be longer term bearish.
Classic patterns lead to thoughts like this and my longs are doing very well, thank you. If I decide to cash in my chips, and a million other traders do, then it will all come true.
After a very bullish month we see a classic pattern, a pennant, often leading to a retracement. If the little trendline breaks and drops through 1.28, we could see weaker longs closing and there are several possible targets. In my opinion the technical target of the pennant is the most likely at 1.2680, but there is support at 1.2725. A break of 1.2625 could be longer term bearish.
Classic patterns lead to thoughts like this and my longs are doing very well, thank you. If I decide to cash in my chips, and a million other traders do, then it will all come true.
Gone to a better place