The price action from 2008 high shows certain simillarities with a decline 1992-2000 in this pair. Unfortunatelly TradingView does not provide a longerterm chart on this pair. Anyway I believe that the move from 2008 is corrective a we are about to finish one move up towards 1.4422 from either 1.3453 or 1.3345 level. A possible decline from 1.4422 should be impulsive in 5 waves and should resemble the decline 10/2008-10/2000.
Important:
A break below 1.33 will negate this idea!
A break above 1.49 will negate this idea!
This scenario may be replaced by a triangle as a black wave B. In other words we would need to finish blue wave D and E first before declining under 1.20.
P.S. I am new on TradingView, so apologies if something does not go smoothly with my charts.
Important:
A break below 1.33 will negate this idea!
A break above 1.49 will negate this idea!
This scenario may be replaced by a triangle as a black wave B. In other words we would need to finish blue wave D and E first before declining under 1.20.
P.S. I am new on TradingView, so apologies if something does not go smoothly with my charts.