Let us make “fundamental summary”: There is nothing to change the bearish bias near term. Despite dovish FED, disappointing Eurozone figures, Brexit uncertainty and political turmoil ( now we have a new story: Spain ) add weight on the pair.
The pair needs to make Daily closing above 1.14200 to talk about a short term trend reversal. And the upside is capped by 1.15600.
Midterm, we will try to use all potential pullbacks as a selling opportunity.
Short term Overview:
The pair broke out the wedge pattern – limited targets – and headed north. Retesting of the broken wedge is in process. If the pair continues its short-term bullish run, a Bearish Cypher pattern would be completed on the H1 chart. And we will look for a short opportunity at D, 1.13250 – 1.1335.
Midterm Target 1.11500 - 1.11200
The pair needs to make Daily closing above 1.14200 to talk about a short term trend reversal. And the upside is capped by 1.15600.
Midterm, we will try to use all potential pullbacks as a selling opportunity.
Short term Overview:
The pair broke out the wedge pattern – limited targets – and headed north. Retesting of the broken wedge is in process. If the pair continues its short-term bullish run, a Bearish Cypher pattern would be completed on the H1 chart. And we will look for a short opportunity at D, 1.13250 – 1.1335.
Midterm Target 1.11500 - 1.11200
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