Previously, I had posted on this pair and predicted that it should fall. Here is that post from 10 days ago:
Well, that prediction was obviously premature but if the current price action is any indication, it wasn't wrong. I've remained SHORT in this pair for days now waiting on it to drop. It did just that yesterday but ran into the uptrend TL and bounced off of it . I told my members that would happen and not to worry because it would only be a temporary bounce and that prices would again attack that TL. But this time, it should break through. If it does, that will open the door for prices to head on lower. Prices are now dropping towards that TL again as predicted.
Two POTENTIAL patterns to watch for: a POTENTIAL Bat and then a POTENTIAL Cypher could help to define this coming drop.
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sorry to not see your question sooner. TL - Trend Line
Arinox
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i actually see a purple butterfly and an orange crab, cant see that bat here ;)
TipsyTrader90
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Their is a three candlestick bearish engulfing pattern formed on the 1h charts right now. I think it is about to take a turn with no big news set to come out for the next few days.
TipsyTrader90
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Ooops :) I meant on the daily chart not the hourly
EverythingForex
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im a novice trader, what does TL mean?