Price stands close to some major pattern completion points,
a large ABCD at 120,45 and a 161 fib extension of a minor
ABCD pattern going back to Aug 2014 at 119,75.
Last weekly close was strongly bullish, suggesting price should
reach above 121. A break of weekly R1 at 119,15 may take
price to 119,75 and likely higher too, to complete the larger
ABCD. A Failure at Weekly R1 may take price back to the
Weekly Pivot Point at 118,20, which at least is the likely
range floor if price hesitates and consolidates before NFP
figures on friday.
a large ABCD at 120,45 and a 161 fib extension of a minor
ABCD pattern going back to Aug 2014 at 119,75.
Last weekly close was strongly bullish, suggesting price should
reach above 121. A break of weekly R1 at 119,15 may take
price to 119,75 and likely higher too, to complete the larger
ABCD. A Failure at Weekly R1 may take price back to the
Weekly Pivot Point at 118,20, which at least is the likely
range floor if price hesitates and consolidates before NFP
figures on friday.