Now that the journey is complete, we can start looking for signs of reversal. According to my Weekly Forecast, this was about as far as his pair was suppose to go.
There is still some possibility of a further drop to circa 1.2325
(Saif, I'm not putting you off, but I still did not make it to breakfast. I had a little personal problem that needed taken care of. I was also thinking anout closing this position, so it also needed addressing.)
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There is still some possibility of a further drop to circa 1.2325
(Saif, I'm not putting you off, but I still did not make it to breakfast. I had a little personal problem that needed taken care of. I was also thinking anout closing this position, so it also needed addressing.)
upload images
I mentioned in my Weekly Forecast this pair was going to face strong support at the MS2 / WS1 area at 1.2357, 1.2354, respectively. As you can tell by the chart we have dipped at 1.2360. The question now is, "Is this is it, and we now go higher, or because neither was hit we still continue lower?"
Well, it was not hit, and the move north does not look convincing. We should see another drop south before we reverse.
It would pay to keep the stops close if you are shorting in this area. We are getting close to The Reversal.
Well, it was not hit, and the move north does not look convincing. We should see another drop south before we reverse.
It would pay to keep the stops close if you are shorting in this area. We are getting close to The Reversal.