You may recall an an idea i posted back in 2016 regarding this pair; we have a bullish head and shoulders and price has broken resistance. However, there has not been enough economic activity to pull these two currencies apart in terms of value, thus, the exchange rate has not found its sense of direction. Resistance has now turned to a pivot point. Price will likely be squeezed in the form of a triangle pattern before there is a break in either direction- only time will tell.
The pivot point runs directly through the middle of a gartley pattern; which I will walkthrough in a separate post.
The pivot point runs directly through the middle of a gartley pattern; which I will walkthrough in a separate post.
