ABCD patterm
IMHO, ABCD pattern has formed.
The reasons why I'm bearish on this pair
1- BC drive is the 61.8 of AB drive and CD pattern is almost 1.272 extension of BC move ( it might continue moving up to touch the 1.272)
2- Stochastic is in overbought conditions
3- reached top of ascending channel in weekly chart
4- close to major psychological level which is 1.05000
I will wait for more confirmations before entering though.
Good-luck everyone.
The reasons why I'm bearish on this pair
1- BC drive is the 61.8 of AB drive and CD pattern is almost 1.272 extension of BC move ( it might continue moving up to touch the 1.272)
2- Stochastic is in overbought conditions
3- reached top of ascending channel in weekly chart
4- close to major psychological level which is 1.05000
I will wait for more confirmations before entering though.
Good-luck everyone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.