We have reached a Pivot Support Level @ 0.9175.
Here the likelihood of a temorarily Double Bottom is given.
I Thinks a shortterm recorvery is a realistic assumption.
Why?
1. The Pair closed several days out of its Bollinger Bands, statistically thats not "normal"
2. The RSI ist diving into the buying Zone, but there is no buying Signal yet. At the Low at 0.9175, the RSI should generate a new Signal.
3. This level @ 0.9175 is the major Support, the LOW from 01.08.2013 - this is the Level to watch!
Because many market participants see that Szenario and try to anticipate it, i exspect a shortterm up-wave back to the broken neckline. Here the desicion will be made!
Double Bottom Szenario: The Pair can Close sustainable above 0.94. Then a TP at the downtrends upper edge at 0.978 is thinkable
S&H-Szenario: The Pair lasts below 0.94, the neckline. Then i exspect a further selloff to the mentioned H&S Targets (0.9066/0.8440)
Prices below 0.9175 will tighten the downwave and accelerate the downswing.
Red arrows: Preferred Szenario
Grey: Alternative Szenario
Former idea:
Here the likelihood of a temorarily Double Bottom is given.
I Thinks a shortterm recorvery is a realistic assumption.
Why?
1. The Pair closed several days out of its Bollinger Bands, statistically thats not "normal"
2. The RSI ist diving into the buying Zone, but there is no buying Signal yet. At the Low at 0.9175, the RSI should generate a new Signal.
3. This level @ 0.9175 is the major Support, the LOW from 01.08.2013 - this is the Level to watch!
Because many market participants see that Szenario and try to anticipate it, i exspect a shortterm up-wave back to the broken neckline. Here the desicion will be made!
Double Bottom Szenario: The Pair can Close sustainable above 0.94. Then a TP at the downtrends upper edge at 0.978 is thinkable
S&H-Szenario: The Pair lasts below 0.94, the neckline. Then i exspect a further selloff to the mentioned H&S Targets (0.9066/0.8440)
Prices below 0.9175 will tighten the downwave and accelerate the downswing.
Red arrows: Preferred Szenario
Grey: Alternative Szenario
Former idea:
