A clear inverted AB=CD pattern has been formed. Also a bearish Head and Shoulders pattern is visible, especially in lower time frames. Another point worth of notice is the break down of the ascending trend line drawn on the RSI indicator. All of these signs indicate that the bullish run might well end this week and this pair heads back to the south again.
The only thing that is worrisome for bears is that the time analysis indicates that bulls are stronger this time and this upward correction might have more room to go.
If bears manage to take out the 2.0082 support, the upward correction will be over. In that case, the stop loss should be placed at the major swing high and the target at the most recent major swing low.
Good luck,
Ali Sharif Azadeh, CFTe
The only thing that is worrisome for bears is that the time analysis indicates that bulls are stronger this time and this upward correction might have more room to go.
If bears manage to take out the 2.0082 support, the upward correction will be over. In that case, the stop loss should be placed at the major swing high and the target at the most recent major swing low.
Good luck,
Ali Sharif Azadeh, CFTe