Get ready for a powerful descending movement with an initial target of 1.2075
On the 240-minute chart, the first bearish wave has ended in the range of 1.2675 and the price has entered the corrective phase of the trend, which is probably to be completed in the range of 0.618 Fibonacci ratio.
Following are the most important reasons for completion of the corrective phase which is shown in chart 30:
- Ending Diagonal pattern
- Very strong divergence
It is very important that the price can cross the range of 1.3120 (below this area we have the close of the candle)
The first target is 1.2938 and the medium-term target can be in the range of 1.2075.
On the 240-minute chart, the first bearish wave has ended in the range of 1.2675 and the price has entered the corrective phase of the trend, which is probably to be completed in the range of 0.618 Fibonacci ratio.
Following are the most important reasons for completion of the corrective phase which is shown in chart 30:
- Ending Diagonal pattern
- Very strong divergence
It is very important that the price can cross the range of 1.3120 (below this area we have the close of the candle)
The first target is 1.2938 and the medium-term target can be in the range of 1.2075.
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