H4 bullish pennant in motion
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers durable structure to work with on the monthly timeframe at the moment, with the latter recently receiving price action.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
After mingling below the 200-day simple moving average at 1.2697 since July 9, Tuesday squeezed above the aforesaid value followed by Wednesday and Thursday retesting the dynamic line as support. Consequent to this, price action could work its way to supply coming in from 1.3021/1.2844.
The RSI is also seen closing in on overbought levels.
H4 timeframe:
Partially altered from previous analysis -
Since Tuesday, H4 has been carving out what appears to be a bullish pennant formation between 1.2767/1.2644.
Structure to the downside has two trendline supports (1.2666/1.2259) residing nearby, while renewed bullish interest will pierce the current bullish pennant pattern (and perhaps trigger long entries) and bring light to the 127.2% Fib ext. level at 1.2783, followed by supply at 1.2851/1.2805.
H1 timeframe:
Partially altered from previous analysis -
An early European decline from 1.2750 resistance Thursday brought about a deep whipsaw through 1.27. US trade, though, as you can see, recovered earlier losses and reconnected with 1.2750 by the day’s close.
Clearing 1.2750 today shines light on 1.28 resistance, a barrier uniting closely with the underside of H4 supply at 1.2851/1.2805.
Structures of Interest:
Partially altered from previous analysis -
With trade recently nudging into monthly trendline resistance, upside attempts could waver.
On the other hand, crossing the 200-day simple moving average on the daily timeframe is likely to lift the pair to supply at 1.3021/1.2844, a potential location active sellers reside. With this being the case, a 1.2750 breach on the H1, a move that may prompt a H4 close north of the bullish pennant pattern, sends across an intraday bullish signal to reach at least the 127.2% Fib ext. level at 1.2783 on the H4 and nearby H4 supply at 1.2851/1.2805 (and 1.28 on the H1).
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
Support at 1.1904/1.2235 and long-term trendline resistance (1.7191) offers durable structure to work with on the monthly timeframe at the moment, with the latter recently receiving price action.
Concerning the primary trend, lower peaks and troughs have decorated the monthly chart since early 2008, placing 1.1904/1.2235 support in a vulnerable position.
Daily timeframe:
Partially altered from previous analysis -
After mingling below the 200-day simple moving average at 1.2697 since July 9, Tuesday squeezed above the aforesaid value followed by Wednesday and Thursday retesting the dynamic line as support. Consequent to this, price action could work its way to supply coming in from 1.3021/1.2844.
The RSI is also seen closing in on overbought levels.
H4 timeframe:
Partially altered from previous analysis -
Since Tuesday, H4 has been carving out what appears to be a bullish pennant formation between 1.2767/1.2644.
Structure to the downside has two trendline supports (1.2666/1.2259) residing nearby, while renewed bullish interest will pierce the current bullish pennant pattern (and perhaps trigger long entries) and bring light to the 127.2% Fib ext. level at 1.2783, followed by supply at 1.2851/1.2805.
H1 timeframe:
Partially altered from previous analysis -
An early European decline from 1.2750 resistance Thursday brought about a deep whipsaw through 1.27. US trade, though, as you can see, recovered earlier losses and reconnected with 1.2750 by the day’s close.
Clearing 1.2750 today shines light on 1.28 resistance, a barrier uniting closely with the underside of H4 supply at 1.2851/1.2805.
Structures of Interest:
Partially altered from previous analysis -
With trade recently nudging into monthly trendline resistance, upside attempts could waver.
On the other hand, crossing the 200-day simple moving average on the daily timeframe is likely to lift the pair to supply at 1.3021/1.2844, a potential location active sellers reside. With this being the case, a 1.2750 breach on the H1, a move that may prompt a H4 close north of the bullish pennant pattern, sends across an intraday bullish signal to reach at least the 127.2% Fib ext. level at 1.2783 on the H4 and nearby H4 supply at 1.2851/1.2805 (and 1.28 on the H1).
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