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One of the things that get’s me into forex market is that you can never get bored here. Always some different pair or time frame to look. Instead of the classic 4 hours charts, today I will try to follow, at least for the next hours, this 30 minutes chart you can see after the explanation: the pair has made a straight 400 pips rally late yesterday in the American session, and beginning a downside corrective rally, contained in a small channel that we could consider a flag. quoting @ 1.2700 and if remains here, just above the 38.2% of the rally, we could expect the pair to move upwards to the roof of that channel, @ 1.2740/50, and probably rebound there, as major bearish trend continues. However a break and confirmation above it, will confirm the figure, and should trigger some more bullish rally, first to the zone around 1.2790 and finally to 1.2854, today maximum and also a daily descendant trend line. On the other hand, under 1.2684 the pair will try to reach the base of the figure, at 1.2635 at the moment. If passes trough, the figure should not be taken into count, and the pair will find next supports at 1.2597, 1.2526 and finally the strong 1.2470. Anyway, 4 hours indicators are pointing to the downside, so I will try to find entry points following that direction.
