After experiencing a sharp rally, which was driven mainly by the weakness of the Euro in the face of more easing promised by Mario Draghi and the hawkish FOMC statement on 28th October, this pair has reached an area wherein some stiff resistance is expected. In the zone we've shown on the chart we have:
- Top areas of two big channels
- PRZ of a huge bearish Bat pattern
- PRZ of a huge bearish AB=CD pattern
- PRZ of a smaller bearish AB=CD pattern
We think confluence of classic and harmonic resistances makes it hard for the bulls to continue advancing without taking a rest, at least. A breakdown of the support at 0.9835 will reinforce our bearish call.
Good luck,
Cyclical Waves Group
- Top areas of two big channels
- PRZ of a huge bearish Bat pattern
- PRZ of a huge bearish AB=CD pattern
- PRZ of a smaller bearish AB=CD pattern
We think confluence of classic and harmonic resistances makes it hard for the bulls to continue advancing without taking a rest, at least. A breakdown of the support at 0.9835 will reinforce our bearish call.
Good luck,
Cyclical Waves Group