Sideways breakout hints a deep correction!
Measured target for the rectangle pattern suggest a retest of the main rising trend line area as the next possible target. I illustrated a potential scenario on chart. Stability back above 1.2480 may negate this scenario
Good luck...
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Technician
- The pair has broken the support of the main rectangle pattern at 1.2370 area.
- The price has broken the short term 50-days SMA
- Breakout below the short term rising trend line
Measured target for the rectangle pattern suggest a retest of the main rising trend line area as the next possible target. I illustrated a potential scenario on chart. Stability back above 1.2480 may negate this scenario
Good luck...
thefxchannel.com/ , visit.. vote and subscribe. Thank you
twitter.com/thefxchannel
My best regards
Technician
