good afternoon. I have identified a cup and handle formation after some strong gains by the dollar this week. I had posted similar analysis last week but the chart pattern changed when the markets opened this week.
the pair has retraced off 0.65000 which is 23.6% on the Fibonacci retracement tool which is also the support area that has formed on the uptrend support.
this zone is a good area for a buy.
On the four hour time frame we have two shooting stars that indicate that the buyers are out numbering the sellers.
Take care, when entering please use the appropirate lots based on your account size and repect your Stop Loss!
the pair has retraced off 0.65000 which is 23.6% on the Fibonacci retracement tool which is also the support area that has formed on the uptrend support.
this zone is a good area for a buy.
On the four hour time frame we have two shooting stars that indicate that the buyers are out numbering the sellers.
Take care, when entering please use the appropirate lots based on your account size and repect your Stop Loss!