Monthly: Since posting large nett losses in September 2017 (-395 pips) the cross has moved sideways. We can note spikes for the last 10 months highlighting indecision. The RSI (Relative Strength Index) is close to 50 (mid-point) highlighting we are non-trending. A large wedge formation offers a long-term bearish bias. A break of support at 0.8764, and the measured move target is 0.8300
Weekly: The corrective rally stalled outside the trend line resistance (0.9000) and close to the 61.8% pullback level of 0.9045 (from 0.9307-0.8619). Week 27th August posted a bearish Outside Week, often an indication that the corrective rally has come to an end.
Daily (1): Looks to have completed a bullish 5-wave count (Elliott Wave)
Daily (2):Mixed trading for the last 35 days looks to be forming an Ending Expanding Wedge pattern. A break of support at 0.8960 and the measured move target is 0.8855
