The recent bearish close last week suggest further downside move for the pair.
And why not? Aside from the luck luster data coming from the US, the recent decline month on month of Foreign demand for US Treasuries (with the distinct exception of Belgium) would suggest that the US Dollar should in one way or another find lesser and lesser support. Not to mention the critical "Ukraine" effect for risk on - risk off moves.
From a technical perceptive here is what i can see.
1. A Completion of a Bullish Gartley pattern at 99.50s suggest that the pair should be going down from the high of April 4, 2014.
2. A coinciding Harmonic AB - CD Move From the Highest High of the pair ALSO suggest A BEARISH move towards 99.50s.
3. A Fib. Retracement from the Highest High to 99.50s would give us the current market consolidation at the range of 0.382 giving us our FIRST BUY TARGET from the 99.50s level.
4. Lastly, it has been FAR TOO LONG that this pair has not crossed bellow the 200 MA. (Last is
Notation: in an indirect relation to the SPX500, at the current support level, a move to retest resistance at 102 is highly likely in the short term.
From this point I would look to sell the rallies..
Good Hunting and Best of Luck on your trades!
And why not? Aside from the luck luster data coming from the US, the recent decline month on month of Foreign demand for US Treasuries (with the distinct exception of Belgium) would suggest that the US Dollar should in one way or another find lesser and lesser support. Not to mention the critical "Ukraine" effect for risk on - risk off moves.
From a technical perceptive here is what i can see.
1. A Completion of a Bullish Gartley pattern at 99.50s suggest that the pair should be going down from the high of April 4, 2014.
2. A coinciding Harmonic AB - CD Move From the Highest High of the pair ALSO suggest A BEARISH move towards 99.50s.
3. A Fib. Retracement from the Highest High to 99.50s would give us the current market consolidation at the range of 0.382 giving us our FIRST BUY TARGET from the 99.50s level.
4. Lastly, it has been FAR TOO LONG that this pair has not crossed bellow the 200 MA. (Last is
Notation: in an indirect relation to the SPX500, at the current support level, a move to retest resistance at 102 is highly likely in the short term.
From this point I would look to sell the rallies..
Good Hunting and Best of Luck on your trades!
