Monthly: A bearish Elliott Wave pattern (5-waves) was compete at the 2011 low of 1.1462. Price action is holding within a triangle formation (108 months of mixed trading). Ichimoku Cloud resistance is seen at 1.4092. Marabuzo resistance from last month’s price action is located at 1.3365
Weekly: For the last 104 weeks we have held within a bullish channel formation. The trend line support is currently located at 1.2675. We are trading between bespoke support at 1.2852 and bespoke resistance at 1.3335
Daily: Although the cross has reached the 261.8% extension level of 1.2958 (from 1.3855-1.3513) there is no clear indication that the selloff is coming to an end. Levels above 1.3400 continue to attract sellers. A rejection of rallies (close to this area) is likely to form a bearish Head and Shoulders pattern.
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