My attention was drawn to the level, not pattern. Patterns can take ages when taken from monthly, whereas levels can trigger volatility/momentum in seconds.
Why do you think its going to bounce? It can't break 1.20 or something? If it does on a weekly chart....I will be shorting it and targeting 1.10 below. As far as a bounce is concerned.....a rally in the USD probably pays off in other markets much more.
I agree. I am already short for the last 4 months. I will take 25% off here, but I am targeting 1.12 for next 25%. Then let the rest run. It already bounced 3x on the daily into a range. I think the overall commodities movement will dictate the direction. So down from here and break the 1.20 multi year level.
Oversold & 1.2/1.19 is historically a key level. I didn't post end of a downtrend. You both may well be right on continuation of the downtrend, that's not my interest here.
It should be your interest. You should always accept the fact that either option can happen. Going into it with a preconceived notion is a great way to lose money.