Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Price launched off its important 1.5350 level and reached near 1.6100 during a strong bullish stance which has been in place from early January. It seems that weekly Head and Shoulders pattern is forming nicely as price rejected from 1.6000-1.6100 resistant zone.
Here I want to mention a great trendline in this pair in the daily chart above. This trendline is in play from late September 2010 and it seems that it’s still in the action.
That consecutive 9 days rally need a correction but have to mention that 1.5900 and 1.5850 are the first support levels on the way to the south and then price could reach 1.5650.
Daily candles are still below 1.6000 and close above 1.6000 would be the first signal of continuing this bullish trend.
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