Technical Analysis 6-May-2019
As you can see, the price has repeatedly touched the line drawn in the daily chart but failed to cross it. This time it has returned again. Currently, the price target is on the green trend line and it should be seen in practice what will price reaction to that. If this line breakout, we will enter into a long position.
The price is in a wedge pattern and moves in the blue channel. Price after touched with the ceiling of the channel return . The target is the lower line of the channel and wedge pattern. Therefore, the target of 1.1050 can be seen.
As seen, the price has swing between the trend line and the resistance zone and has created a triangle pattern. It is expected that in the event of a return from the lower side of the triangle, move towards the resistance zone. In case of a return sign, we enter the long position.
As already mentioned in the previous analysis, the price broke out trend line its progress in the week before, then pullback to it and began to grow again. Now the price path is visible on the channel and we expect to move to 1.3225 .
As you can see, the price is in the direction of your move (4-hour interval) in a triangle pattern. We expect the purchase of a target of 1.3600 to be triggered if the triangle pattern ceases to break. In case of breaking the bottom of the triangle, the price goal is lower line of main channel.
Prices on the downtrend have hit the upper line of channel again. Considering the return to the support area, we expect that if this area breaks down, we will have a significant drop to the bottom of the channel. Plus, if you look, the harmonic pattern of the butterfly is also being formed.
The price of the triangle pattern has broken down and is consolidate under the support area. Hence, we expect a bearish movement until 0.6880.