Price has been consolidating since February 2017 between prices 114.398 and 108.856, marked by horizontal lines and constricted by zones(zone 1 and zone 2). Price has hit and touched zone 1, four times, which is considered a lot for price to touch a certain zone. Price also touched zoned 2 four times, with the third time price breaking out and then going back up into consolidation.The fourth time price touched zone 2, it went back up but formed a HL,compared to the previous HH.
As we can see price touched zone 2 again, but broke out, reached zone 3 and went back up to zone 2.
Price is now at zone 2. I see that price has closed below zone 2, and has retraced back or is retracing.
Thus signalling a short move.
As we can see price touched zone 2 again, but broke out, reached zone 3 and went back up to zone 2.
Price is now at zone 2. I see that price has closed below zone 2, and has retraced back or is retracing.
Thus signalling a short move.