Look for a fresh medium-term higher low to carve out around 110.00 ahead of the next major upside extension back towards and eventually through the recent highs by 123.35. Ultimately, only a sustained break below 110.00 concerns.
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Look for a fresh medium-term higher low to carve out around 110.00 ahead of the next major upside extension back towards and eventually through the recent highs by 123.35. Ultimately, only a sustained break below 110.00 concerns.
Look for a fresh medium-term higher low to carve out around 110.00 ahead of the next major upside extension back towards and eventually through the recent highs by 123.35. Ultimately, only a sustained break below 110.00 concerns.
The pair is moved down to test the support on 110.82
if this is breaked we can see the pair move down
if this support is not breaked we can see the pair move up to test the 1st resistance on 110.9
The pair is moved down to test the support on 110.82
if this is breaked we can see the pair move down
if this support is not breaked we can see the pair move up to test the 1st resistance on 110.97
current development suggests that rebound from 105.42 medium term was merely a correction and has completed at 123.31 already.
We are keeping our mildly bullish count that the wave ii is still unfolding as ABC-X-ABC and 2nd A leg has ended at 123.33 with a: 115.56, b: 113.55 and c: 123.33 and 2nd B leg itself is a complex correction
in my opinion it will have medium term high around 125 around this week or next but any setback to below 110 will halt the process or even set the trend to bearish again, daily support will be on 111ish and the resistance 113ish
Intraday trade:
If a M15 close above 109.70 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 109.29 sell only and do not buy. If price closes back above it again do nothing
The range 109.70 and 109.29 is neutral area, any trade done in between is personal decision and not part of this analysis
There is bearish potential for a fall to 108.85 while 109.93 - 110.29 resist. After this fall a recovery up to 110.29 or 110.66 is expected.
Supports / Resistances
Res 2 111.7300
Res 1 110.6600
Pivot 109.9300
Sup 1 108.8500
Sup 2 108.1300
the pair and as we can see from the chart has closed it's daily candle under the level of 110.00 , so , that's mean the down trend is still standing and the pair is heading to 109.30 then 109.00