Hey Guys,
So this pair completed a strong .618 fib retracement, that occurred between Jan 1 and Mar 2, 2017. Due to the strong resistance (Thick Blue Line), important fib level (.618), and fundamental news (U.S. Rate Decision), the pair has enjoyed a bounce.
Since this happened, the pair has eased back up into interesting territory. Right now, the pair faces a strong fib level resistance, a medium strength channel top (Medium Blue Lines), and a bullish candlestick pattern (Bullish Weak Hammer/Abandoned Baby).
These factors combined together suggest a retracement in the coming days, although if the price breaks bullishly, expect to see 1.10. As it is though right now, I expect to see the price moving down towards the circle I've marked, where the channel bottom and a long term resistance turned support meet, around ~1.056.
Cheers,
AW
So this pair completed a strong .618 fib retracement, that occurred between Jan 1 and Mar 2, 2017. Due to the strong resistance (Thick Blue Line), important fib level (.618), and fundamental news (U.S. Rate Decision), the pair has enjoyed a bounce.
Since this happened, the pair has eased back up into interesting territory. Right now, the pair faces a strong fib level resistance, a medium strength channel top (Medium Blue Lines), and a bullish candlestick pattern (Bullish Weak Hammer/Abandoned Baby).
These factors combined together suggest a retracement in the coming days, although if the price breaks bullishly, expect to see 1.10. As it is though right now, I expect to see the price moving down towards the circle I've marked, where the channel bottom and a long term resistance turned support meet, around ~1.056.
Cheers,
AW
