We have see this pair moved bearish for the past few weeks running into months. Looking at the market from the weekly perspective, market has come about 500 pips bearish to arive at the Weekly Demand Zone.
Reversal is expected at this Demand zone. The probability of a Bullish reversal is high; there is about a 70% chance of seeing this reversal at this zone. Where this happens, we would expected to see prices gravitate to the north. Prices are expected to rise to take out the liquidity target at 1.12757, and continue higher.
The entire bullish run is expected to be in excess of 500 pips.
On the other hand, in the event that the zone fails and breaches the Support at 1.06350, prices will continue a bearish fall to as low as 0.95358; but there is only a 5% chance of this bearish scenario at the moment.
Reversal is expected at this Demand zone. The probability of a Bullish reversal is high; there is about a 70% chance of seeing this reversal at this zone. Where this happens, we would expected to see prices gravitate to the north. Prices are expected to rise to take out the liquidity target at 1.12757, and continue higher.
The entire bullish run is expected to be in excess of 500 pips.
On the other hand, in the event that the zone fails and breaches the Support at 1.06350, prices will continue a bearish fall to as low as 0.95358; but there is only a 5% chance of this bearish scenario at the moment.