short term trade with my long term bias on this baby.
Further Strength from this Pair despite the pound interest rate remaining the same? technically i see further bulls and i am in long however i am keeping my positions low with tight stops
Price has printed a potential head and shoulders pattern with price stuck at neckline. should the resistance break, we will be seeing long term dollar strength.
With the Dollar strengthening we see weakness in cable. last week price pulled back into the 50% fibonacci level which resulted in a push down below the major support turned resistance. i am expecting bearish on this pair throughout the coming weeks.
candles signaling exhaustion in buyers, i waited for price to pull back and as i thought price failed to make a new high. we came just shy of the 61.2 fibo as the daily support proved to be a major level of resistance.
elliot wave at wave 5 across daily, 4H and 1 timeframes. tripple top + potential wedge reversal pattern. expecting Euro to melt at least 600pips
We observe the first leg of the elliot wave completion, we have now entered the correction phase/ wave 2. i will be looking for shorts at (c). i will be keeping positions small as we have Draghi's speech today.