I've been bullish EUR/USD for the last 2 weeks and looking at the Weekly chart, PA has made a series of higher lows and higher highs (Purple TL) which supports my bullish bias. I would love to see some downside movement as this will give me an opportunity to add to my existing longs. I have highlighted key PA spots for both directions just in case.
We are in a Weekly wedge alright but there's also an argument that we have formed a bull flag within that wedge from a daily perspective, and to confuse or clarify matters, i see a mini wedge forming (Gray lines) within that bull flag. Best seen on the 4HR TF
I'm going to be using that mini wedge as a means of setting up a price trap to determine the short term direction. This will provide me with that opportunity to identify spots to add to or exit my existing longs.
4HR charts gives a clearer picture of the mini wedge.Top side of that mini wedge(gray line) is @ the 1.3300 area and the Bottom TL @ 1.3240.
A break either way should show us were PA intends to go.
Initial upside target will be @ 1.3450 if you measure the move. Remember the weekly UTL?, well.. it will be well and truly broken if PA trades above 1.3385.
Price target will be @ 1.4150 then 1.4500 as long as we break the Weekly UTL.
A break below the 1.3240 will see initial downside target @ 1.3050 if you project the move in the opposite direction. A break below this level will see us definitely re-test the Weekly LTL.
Happy Pippin
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