DislikedHi!
Just went through the daily charts and I looked for all previous major tops, before they reversed. Interesting enough, two of them reversed before reaching a "target" number.
16.02.2004: did not make it to 1.3000
17.6.2003: did not make it to 1.2000
So, is there a possibility, we won't see 1.6000, before going sharply down?
Only guessing, have no idea what will happen. I know that Jacko is short to medium term bearish, and there seems to be a lot of pressure for $ to strengthen, but you never know with this crazy market. And Bernake speaks again tomorrow... That alone should produce some 150+ pips...Ignored
First the Daily for the bigger picture
Then the 4h
so the potential here is to drop, we see that if we paralel the 4h supporting TL it touches right at todays high, which is also the turning point of the last three attempts to go higher, price could simply move sideways until it touches the trend line and heads higher again, drop to meet the supporting TL over the next 24hrs, or break on the news and take the 1.6000. so i'm not sure, it will make some kind of retracement to around the 1.5775 +/- a few area before heading higher, i see calm before the news with gentle moves down as many will TP this before the news to protect there profits.
1.5775 is a buy point for me - small amount as i'm out at this time, long term view is still a correction to 1.5200 but this will take a few weeks.
as always i could be wrong