Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2514. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. Majority of last month’s initial selloff was recaptured. Follow through buying has been posted in September.
Weekly: We look for a 5-wave completion at 1.1300 (Elliott Wave). We now look to be forming the corrective AB=CD pattern to the upside. The sequence looks to target 1.1950, just above the 50% Fibonacci level of 1.1928. The trend of lower highs has been broken. Reverse trend line support now comes in a 1.1716. Bespoke support is currently located at 1.1725. Bespoke resistance at 1.1875
Daily: Looks to have broken a reverse Head and Shoulders patter to the upside. The measured move target is 1.2140 (just above the 61.8% pullback level of 1.2076). We look to buy dips
