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 (115 months of mixed trading). Trend of higher lows is located at 1.1966
Weekly: Trading within a bearish channel formation. Last week’s price action posted a bullish outside candle, often an indication that the downward move has come to an end. This was close to the 78.6% pullback level of 1.2222 (from 1.1776-1.13863)
Daily: Mixed trading for the last 21 days as we continue to consolidate. Bespoke resistance is located at 1.2635, close to the previous swing high of 1.2634. With Demark posting a 12 count on the daily chart (13 is exhaustion) we look for limited downside. We are possibly forming a reverse Head and Shoulders pattern. We look for a break of resistance to the upside.
