Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2638. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) continue to attract sellers.
Weekly: After posting a bearish Outside Week (week 16th April) the major currency pair has broken the Ending Wedge formation to the downside. The move has been impulsive, which normally highlights any recovery in the pair would be mixed and limited. The most interesting factor in this time frame is the fact that our bespoke support is located at 1.1914, just in front of the 161.8% extension of 1.1898 (from 1.2557-1.2149). This is our target zone.
Daily: Broken the channel to the downside. With Demark posting a correction 9 count, there is scope for a mild recovery. Bespoke resistance is seen at 1.2090. With a stop placed above the previous swing low of 1.2158 (was support, now resistance) this offers an ample risk/reward trade.
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