EJ Weekly Analysis
1. The pair has respected the new lower high and break down to the downside. It has broken a key support 126.75 and has closed below near 126.5 region. As the pair has closed extremely bearish, I will be expecting the pair to go through a minor pullback towards 126.75 before continue the descent. However, the degree of the pullback would need more confirmation from the H4 Chart.
2. From a wider perspective, the pair is completing the wave 5 of an Elliott Wave. The structure of the Elliott Wave is validated as each wave has bounce beautifully from the Fib level. The key 2nd wave bounced from 0.618 Fib and while key 4th wave bounced from the 0.5 Fib.
3. If 126.75 region is retested and held as resistance, the downside target will be the psychological level 125 and the May low at 124.62 which is where the Wave 5 is expected to complete. On the flipside, if the 126.75 failed to hold as resistance, a deeper pullback targeting 127.25 & 127.75 is highly probable. Further up, a push above 129.5 will expose the pair to upside pressure and potentially negate the bearish view.
Bias
Long-term: Bearish
Short-term: Bearish
2. From a wider perspective, the pair is completing the wave 5 of an Elliott Wave. The structure of the Elliott Wave is validated as each wave has bounce beautifully from the Fib level. The key 2nd wave bounced from 0.618 Fib and while key 4th wave bounced from the 0.5 Fib.
3. If 126.75 region is retested and held as resistance, the downside target will be the psychological level 125 and the May low at 124.62 which is where the Wave 5 is expected to complete. On the flipside, if the 126.75 failed to hold as resistance, a deeper pullback targeting 127.25 & 127.75 is highly probable. Further up, a push above 129.5 will expose the pair to upside pressure and potentially negate the bearish view.
Bias
Long-term: Bearish
Short-term: Bearish
Aviso legal
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