Pair has been in an uptrend since October '15. Case could be made by Elliot technicians that the pair has just completed an impulse pattern - five waves as shown by the labels. (I am not EW pro by any means, still there is a five wave pattern.)
And with a bearish engulfing, break of the upper BB and Stochastic moving down with a signal line cross, we may have confirmation of this analysis.
Feeling Frisky? Go now! I will short this pair Monday, opting to wait though the weekend and after the news events Friday opting to not hold any positions over the weekend and my trading rules keep me out of the market on news days.
The pair is going down for a least a 200 pip correction.
And with a bearish engulfing, break of the upper BB and Stochastic moving down with a signal line cross, we may have confirmation of this analysis.
Feeling Frisky? Go now! I will short this pair Monday, opting to wait though the weekend and after the news events Friday opting to not hold any positions over the weekend and my trading rules keep me out of the market on news days.
The pair is going down for a least a 200 pip correction.