Since the price climbed and closed with a very bullish candle on 9th May, the price has undergone a stage of consolidation up till now.
In fact, there's a prominent bearish ABCD pattern completed from 1.1136 to 1.1250, yet the price only started to crept lower from last Friday and selling pressure is still absent.
The obvious reason here is that there's a major ABCD pattern that's started since 26th April from 1.1120 and the 2nd wave is still in the midst of completion.
The 2nd wave of bullish trend is still clearly on track in comparison to the volume and duration of the 1st wave of bullish trend.
I am expecting that the price will retrace lower and we can look for buying opportunity right at the demand zone at 1.1215.
Nevertheless, there always lies a possibility of a delayed bear strength so be quick to react if things go south.
In fact, there's a prominent bearish ABCD pattern completed from 1.1136 to 1.1250, yet the price only started to crept lower from last Friday and selling pressure is still absent.
The obvious reason here is that there's a major ABCD pattern that's started since 26th April from 1.1120 and the 2nd wave is still in the midst of completion.
The 2nd wave of bullish trend is still clearly on track in comparison to the volume and duration of the 1st wave of bullish trend.
I am expecting that the price will retrace lower and we can look for buying opportunity right at the demand zone at 1.1215.
Nevertheless, there always lies a possibility of a delayed bear strength so be quick to react if things go south.
