EY Skyrocket
Price may be looking to breakout bullishly in the short term, hoping to continue its long run trend. First off, a Head & Shoulders pattern seems to have formed on the lower trendline of the uptrend channel which may look to cause price to break above the minor trendline that has it confined to a relatively smaller downtrend, which has collectively hit the trendline at points A, B & C... Point D would be a good conservative entry point minimising the drawdown. Price also looks to be consolidating in the smaller timeframes (5m, 15m) which goes to show a probable change in direction from current trend. Due to price recently bouncing within the channel, if the longer consolidation looks to continue, we may see price move towards 127.100 and if momentum and relative fundamentals (especaially regarding Brexit) push bulls towards maor key levels such as 127.500. Feedback would be highly appreciated. Thank you!
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