I’ve been writing these numbers ( or very similar) almost 8 days. One can get lost in intraday swings and small moves, but when you move to a bit bigger time frame, things become clearer.
Two decades ago, I would declare fully confident that this is a Tail for Sale – but one also becomes if not smarter, but a bit wiser and way more experienced, so I am going to avoid calling big shots and stay with the reasonable.
Pattern wise, it is The Tail for Sale, so we should see a bit sharper move up, followed by even sharper decline. If happens , the main test will be the support at 1.07200…The pattern suggests that it will be broken and we’ll slide to 1.06000 area.
For a move up, serious change of the prevailing trend , we should see a sharp drop, and then we can talk about the big Bounce and change to the Up trend.
But more funny stuff have occurred on the market, and especially on this pair.
So we are going to follow it on Intraday level and when any real change happens, you’ll be the first to know.