The main trend is clear - downwards! The bottom trendline which did hold 3 times in the past broke at the 12.01.2015. Since then this support turned into a resistance.
After the Intervention this night the Pair jumped in its trendchannel again and the Chart is building a bearish flag with maximum target @ 6.00.
IMO the Pricerange in between this flag (6.5-7.2) seems to be neutral without any direction.
Clear tradingmarks are the in the Chart illustrated arrows.
Bearish view: Should the Pair fall back under its trendchannels bottom edge @ 7.00, the risk increases that the flag gets triggered. For short positions a sl near the 38,2 fibo @ 7.35 should be installed. (But only if this is according to your own Money managment)
Bullish view: The Pair can trade above its trend channels bottom edge. The actual dead cat bounce could overshoot till its 38,2 fibo @ 7,35. Trading above that Level will stabilize the trend und opens the target @ the trendchannels upper edge @ 7.9. The SL of a possible longposition with target @ 7.9 should be installed a bit under its LOW @ 6.5 (But only if this is according to your own Money managment)
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
.
After the Intervention this night the Pair jumped in its trendchannel again and the Chart is building a bearish flag with maximum target @ 6.00.
IMO the Pricerange in between this flag (6.5-7.2) seems to be neutral without any direction.
Clear tradingmarks are the in the Chart illustrated arrows.
Bearish view: Should the Pair fall back under its trendchannels bottom edge @ 7.00, the risk increases that the flag gets triggered. For short positions a sl near the 38,2 fibo @ 7.35 should be installed. (But only if this is according to your own Money managment)
Bullish view: The Pair can trade above its trend channels bottom edge. The actual dead cat bounce could overshoot till its 38,2 fibo @ 7,35. Trading above that Level will stabilize the trend und opens the target @ the trendchannels upper edge @ 7.9. The SL of a possible longposition with target @ 7.9 should be installed a bit under its LOW @ 6.5 (But only if this is according to your own Money managment)
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
.