Expect another Strong Week with a long green candle above the prior resistance / pain threshold and likely into the 200 ema. This would also represent a third candle up as well. Then one should expect the Dealers/Banks/Hedge Funds to work that level for several/many weeks before clearing the board and beginning another run down below support at 1.20. That move is also likely to be a spiker!
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With the Brexit failure, this pair has gone into a corrective pattern. With the powerful moves up the last couple of weeks profit taking needed to occur. Currently looks like the pair is bouncing between the ema's and looks like it will trade down to the ema around 1255 before continuing back up to complete the b-wave.
The week last week presented as a down week, so I would have never entered this trade, if anything it would have been a week to be predominantly short. Even now, looks like it is likely to open faking upwards before breaking strongly downwards to the 200 ema on the four hour.
The week last week presented as a down week, so I would have never entered this trade, if anything it would have been a week to be predominantly short. Even now, looks like it is likely to open faking upwards before breaking strongly downwards to the 200 ema on the four hour.
