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Could A Short Term Reversal Be on the works?
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Even though my sentiment for this pair is still bearish, as one looks at a text book perfect descending channel and where the upper trend line really being respected as strong support line having being tested four times.
Nevertheless, it seems currently as we near close of monthly trading session, either sellers may be giving up ground, facing some bearish trend exhaustion or purely taking out some of the profits if at all not taking out their positions.To get more news about WikiFX, you can visit wikifx official website.
Do note that last week trading session low of 1.31335 handle is acting up as support level and interesting enough, we can view a triple bottom formation at that particular price handle and inversely a triple top formation at 1.32330 price handle at both the 4 hour and the 2 hour charts. Meaning therefore that we may be basically in ranging phase between this price points as we can see these pattern agreeing as confluence on both timeframes.
If price breaks up from the 1.32330 price handle, then we may be looking for short term buys. And if, sellers are able to breach past down the 1.31335 price handle, then participants will be looking to short.
{About the Author}
Jasper Njuguna is a financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, he have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.