EURJPY medium Term Trade Idea
|The AB=CD corrective formation lines up with the March Marabuzo
Monthly: Posted a bearish Outside Month in March. This pattern often highlights the top of a trend and the start of a new downward bias. The Marabuzo level (mid-point from open and close) is located at 132.76
Weekly: A 261.8% extension level from the current trend (137.55-128.99) is located at 115.14. This is close to the April 2017 low trade at 114.85. A long-term target area.
Daily: Mixed and volatile price action for the last 26 (trading) days. A full AB=CD formation from current levels is located at 132.80. Bespoke resistance is located at 132.75. The aforementioned Marabuzo level is seen at 132.76. This is our prime area to get short (132.70-80)
Action:
We look to Sell at 132.70-80
Stop: 134.20
Targets: 129.50 and 127.80
Article produced by Pia First for Orbex Limited
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