Today I'll be watching aj around 82.50 for any signs of reversal. In that area we have a two harmonic patterns, a test of broken uptrend line, ATR is stretched, we are through the daily 3SMA high, and have a QM. What more could you want!
Certainly ticks all the boxes, but I am concerned about the large range bullish candles comprising the AB leg of the large blue Gartley. To me it's a warning that we may trade through X all the way up to 84.20 where a crab and bat pattern would complete. Below is how these would look on the H8 time frame, the old support level around 84.00 makes shorts from this level more attractive due to the resistance it might now provide.
So lets see how it plays out. The earlier patterns around 82.50 might provide a short term opportunity, while the 84.20 area could provide a longer hold short with bigger profit objective. Either way to me it looks like we are going a bit higher on this pair.
