11/11/2011 Friday
Correction failed to touch its prescribed spot ... now the pair is rather bullish than bearish. It could go and touch 1.3700 mark this time. Today is Unemployment claims news and Bernanke is gonna speak ... so there might be a policy announcement ... so careful of your trade timings. On 4H time frame there is room on both sides ... so the pair could move to either side, up or down and still the pattern would remain intact. It is poised exactly in the middle of 38.2% and 0.00% levels of fibonacci. On daily time frame there is a pattern of pendants forming after every bearish candle ... this could repeat and price might not go anywhere out of range ... good for swing trading. Good Luck.
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Correction failed to touch its prescribed spot ... now the pair is rather bullish than bearish. It could go and touch 1.3700 mark this time. Today is Unemployment claims news and Bernanke is gonna speak ... so there might be a policy announcement ... so careful of your trade timings. On 4H time frame there is room on both sides ... so the pair could move to either side, up or down and still the pattern would remain intact. It is poised exactly in the middle of 38.2% and 0.00% levels of fibonacci. On daily time frame there is a pattern of pendants forming after every bearish candle ... this could repeat and price might not go anywhere out of range ... good for swing trading. Good Luck.
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