Yesterday market as formed an inside trading day compares to Tue. Usually, it leads to strong moves in one or other direction sooner rather than later, but on the eve of the holidays, this expactation could be skewed. Market could coiling and stays thin due to this reason. So, be careful - better to reduce trading volume or stay aside.
Also on daily time frame MACD Predictor failure is still possible, may be it will form today. In this case we can count on move to 1.34 area - daily Confluence resistance and 0.618 target.
on 4-hour and hourly chart we see another bullish sign - market has not reached 100% expansion target from couple different ABC's patterns and turn to upside. Also you can see that it has not touched the lower border of bullish wedge. This is a bullish sign.
On the last hourly chart we can see nice Butterfly Sell is forming with the target around 1.3250 area. So, if you still intend to take this signal, better place stops below 0.618 support from the last swing up. If butterfly will fail you will not loose much. But if you will be right - 1.3250 is a solid move.
Sive:Good morning, everybody
Today is a Christmas' eve, so we will take a fast look on the market
On daily time frame there is nothing really new. Yesterday was an Japan Imperior burthday, today is Christmas eve, so this is a most quiet time in the year and I do not expect any solid moves on the market.
Yesterday, we've talked about upside butterfly on hourly chart - it has failed, then appears another one, but to the downside, that has also failed.
It leads to developing of downward trading range. As you can see on the chart, market has not quite reached 100% expansion at 1.3040 area. I prefer to talk about any meaningful retarcement up only after it will reach it.
At the same time, we see MACDP failure pattern, so possibly market will reach 1.3150-1.3160 area today. But if you would like to trade today, don't marry to any possition - only scalptrade at 30-min chart I suppose.