© Dukascopy Bank SA
Pair has been trading in a 2500 pip range since the middle of July. At the moment is approaching pattern's support. Short and medium term technicals suggest that the pair should slow down in the nearest future and bounce from the it in the nearest future. Long term technicals, however, give strong neutral outlook, which could be interpreted as pairs propensity to remain in the pattern's boundaries. Pattern started with a major sell off, but Fibonacci retracements had impact only in the early stages of the pattern (50% retracement almost perfectly coincides with the pattern's resistance) , this effect is void at the moment.
© Dukascopy Bank SA