This is a completed AB=CD pattern
Apologies for slightly off positions as I am using smartphone.
The price should break below the red trend line or if there is a good reversal candle stick this will be the start of a bearish move downwards.
Price is sitting between the 50 and 38.2 level. Price rejected earlier from the 50. Inside this there is a small ABCD pattern which has completed.
Apologies for slightly off positions as I am using smartphone.
The price should break below the red trend line or if there is a good reversal candle stick this will be the start of a bearish move downwards.
Price is sitting between the 50 and 38.2 level. Price rejected earlier from the 50. Inside this there is a small ABCD pattern which has completed.
I have watched a strong bullish momentum in this pair during the day. It has now broken through the descending trend line.
Price had been moving in an ascending wedge which typically moves downwards after a break out.
With both of these expectations violated I am no longer placing any interest in this trade.
What may have occur is a potential fake out before price falls below the wedge and makes lower highs.