After the validation of the double top formation in January of 2016, this pair has been in a downward channel and has lost 6000 pips since then. Now we are at the critical point because:
1- Price has come off the long term bullish trend line coming from 2010 low strongly
2- The PA since touching trend line is decisively bullish and is way different to prior upward corrections within the channel
These factors points to a possible change of direction in this market. Provided that bulls can take out the 1.7 resistance, I will favor long positions targeting the resistance areas shown on the chart.
Good luck,
Ali Sharif Azadeh, CFTe
1- Price has come off the long term bullish trend line coming from 2010 low strongly
2- The PA since touching trend line is decisively bullish and is way different to prior upward corrections within the channel
These factors points to a possible change of direction in this market. Provided that bulls can take out the 1.7 resistance, I will favor long positions targeting the resistance areas shown on the chart.
Good luck,
Ali Sharif Azadeh, CFTe