Hello Traders,
my view to this pair!
The advance that started @ 2017-01-02 at 1.03394 has multiple resistance ahead!
First, this pattern looks to me like an impulsive one, which bring a change at the USDollar Index too on long term view!
It penetrates three times the rising trendchannel as shown on the chart with the black doted lines and give us a breakout with the slope of an Impuls and Wave iii (circle) rises to 1.12541. At 1.12835 it would be 1.618 RT of Wave (i) and Wave (ii)! After a correction in Wave iv (circle) we broke out to new highs and running in Wave (iii) of v (circle) of 3 (in my view)!
Now we have multiple resistance at forefront as shown on the chart! Because of that and some measurements like the CoT Report and the Fiboresisitance I do think that the potencial is short term limited.
If so, we`re done in Wave 3 and Wave 4 will start soon. The alt is, that wave 3 is extending much higher with a possible target at 1.1814.
I´m still monitoring the pair and if the odds show us some new facts, I will discuss with you!
Have a great day
rubennase
my view to this pair!
The advance that started @ 2017-01-02 at 1.03394 has multiple resistance ahead!
First, this pattern looks to me like an impulsive one, which bring a change at the USDollar Index too on long term view!
It penetrates three times the rising trendchannel as shown on the chart with the black doted lines and give us a breakout with the slope of an Impuls and Wave iii (circle) rises to 1.12541. At 1.12835 it would be 1.618 RT of Wave (i) and Wave (ii)! After a correction in Wave iv (circle) we broke out to new highs and running in Wave (iii) of v (circle) of 3 (in my view)!
Now we have multiple resistance at forefront as shown on the chart! Because of that and some measurements like the CoT Report and the Fiboresisitance I do think that the potencial is short term limited.
If so, we`re done in Wave 3 and Wave 4 will start soon. The alt is, that wave 3 is extending much higher with a possible target at 1.1814.
I´m still monitoring the pair and if the odds show us some new facts, I will discuss with you!
Have a great day
rubennase