Bearish deep crab
This potential bearish deep crab has a very large reversal zone.
It starts from 2.0744 (2.618 extension of BC) and ends at 2.1418 (3.618 extension of BC).
However, this PRZ can be capped by the channel, the very high of 2009-7-10 and the (psychological?) level at 2.1000.
If the pair heads up to this PRZ, I expect the pair to be volatile. The bulls will definitely try to overcome the 50% retracement of the high of 2008-10-08.
As of now the bulls have knocked on the door hitting the low of the resistance. The second attempt to push the pair into the weekly zone has failed. So could we see a little relief of bull pressure for now?
This potential bearish deep crab has a very large reversal zone.
It starts from 2.0744 (2.618 extension of BC) and ends at 2.1418 (3.618 extension of BC).
However, this PRZ can be capped by the channel, the very high of 2009-7-10 and the (psychological?) level at 2.1000.
If the pair heads up to this PRZ, I expect the pair to be volatile. The bulls will definitely try to overcome the 50% retracement of the high of 2008-10-08.
As of now the bulls have knocked on the door hitting the low of the resistance. The second attempt to push the pair into the weekly zone has failed. So could we see a little relief of bull pressure for now?
