Currently seeing a retracement in PA following a breakout of a long-term rectangle pattern, shorter term descending triangle pattern. Looking for a retracement back into the 1.24000 SR zone (strong weekly and daily SR area), which would not only see a retest of the breakout resistance area but would also test the 50/61.8% fib levels. An ABCD pattern would put the PA down into previous weekly S&R levels as well as retesting the long term trend line.
It will be interesting to see if the PA does retrace to hitting the long term trend line around the time of second week of May. That week holds a lot of economic releases, including the non-farm payroll employment figures.
It will be interesting to see if the PA does retrace to hitting the long term trend line around the time of second week of May. That week holds a lot of economic releases, including the non-farm payroll employment figures.