Monthly: Moved higher from the 2016 low of 1.1905. Levels close to be bespoke resistance at 1.4390 found sellers. The price action from April 2018 formed a bearish Outside Bar, often an indication that the rally (correction) has come to an end. For the last seven months we have seen spikes in both directions highlighting indecision.
Weekly: A 5-wave pattern was completed at 1.4377 (Elliott Wave). Levels close to the 78.6% pullback of 1.2449 (from 1.1905 – 1.4377) found buyers. Last week’s price action posted a bullish Outside Week, often an indication that the move lower has come to an end.
Daily: Bespoke resistance is located a 1.2814. With the previous swing high (resistance) seen at 1.2815, we prefer to buy into dips. It is far too early to tell but we could form a bullish reverse Head and Shoulders pattern. Buying at the right shoulder offering up good risk/reward.
