Analysis method - “Gann Swings + Price Action” June 2, 2018
Monthly chart: Bears acted very actively in May, having performed the break of support 1.1554, that can be considered a downward reversal of the trend (O&U pattern). Mid-term shorts entry zone, thus, is at the last but one high (1.2091). Will he market move towards this zone at once after opening or will choose scenario of prior renewal of the lows- that is the question of upcoming week.
Main scenario: Drive to the new lows (under 1.1508) in direction 1.1300-1.1400.
Alternative scenario: Growth from current levels in direction 1.2091.
Search for confirming signals of either scenario.
It’s already possible to place sell limit orders at the 1.2091 level.