Hey Guys,
So this pair matches its brother, EURUSD, in that it is in the midst of a Descending Triangle. For this, given Friday's price action, I'm planning on the pair bouncing up and retesting the trend line. I'm expecting a bounce lower, off of the trend line, and I will get in short if we get a confirmed candle.
There is another possibility.
This pair could breakdown further to the support at 1.21310, in which case I would be expecting a bounce higher. (Ultimately, I am bearish on this pair though, and I expect this pair to break the support in coming weeks.)
In either case however, if the pair's price action stays outside of the triangle on either side for more than 24 hours, then expect a large move in that direction. The price may even move higher outside of the triangle, in which case you should long. You can take cues from Volume and EURUSD on the validity of the move.
Trade Well.
AW
So this pair matches its brother, EURUSD, in that it is in the midst of a Descending Triangle. For this, given Friday's price action, I'm planning on the pair bouncing up and retesting the trend line. I'm expecting a bounce lower, off of the trend line, and I will get in short if we get a confirmed candle.
There is another possibility.
This pair could breakdown further to the support at 1.21310, in which case I would be expecting a bounce higher. (Ultimately, I am bearish on this pair though, and I expect this pair to break the support in coming weeks.)
In either case however, if the pair's price action stays outside of the triangle on either side for more than 24 hours, then expect a large move in that direction. The price may even move higher outside of the triangle, in which case you should long. You can take cues from Volume and EURUSD on the validity of the move.
Trade Well.
AW
