Part 2 Bearish Essentials

May 15, 2014

A highly probable Bullish Cypher pattern in the Highest High of this pair (the 1.27 extension from Point A @ 1.68215) could drag us down to 1.6400s to 1.6380s. In the near term, a Bullish Bat Pattern could emerge if the conditions becomes favorable. (ATR less that 25 with extremely oversold RSI -20 at a 4hr chart) projecting the pair up to 1.6900s. Could be helped with the expected negative data coming from the US today. Only to be dragged down again as early as Tuesday next week to about 1.6600s. Targets are projected on the chart.

Good luck trading guys!