All similarish on H4 and Daily for E$ when compared to Cable (see my Cable post), except on this occasion we have a bearish rising wedge pattern showing a failure on H4. 1.2480 is T1 - swing low of 6th July, and bold blue line is T2 - so practically the same level.
Daily: looking for PA signal to get long around bold blue line area, or if not, signs of failure and get short :) Simples really. It's worth mentioning that there's a nice TL intersection on the daily at this current level of price activity - see arrow to the TL I mean.
Yes, could be a bear flag quite easily - i think the key will be how price behaves when it gets to 1.2450 ish area, if indeed that's where it's headed.
Comments
bearish engulfing could be the reversal we are looking for, especially as equities reach resistance zone @ 61-75% fib retrace
risk on , risk off
just like wax , wax off