Is it the end of the down cycle? Probably yes. The Elliott waves counts would suggest that the downward trend found a floor at 1.0800.
The weekly “Morning star” pattern will also support this scenario.
A weekly close above the “Marabuzo” line at 1.1015 would confirm the validity of this formation and make the upward scenario more realistic.
The immediate resistance lies at 1.1205, above here the pair will gradually go higher to 1.1460 and 1.1650. Only a daily close below 1.09 would delay the upward scenario mentioned above.
The weekly “Morning star” pattern will also support this scenario.
A weekly close above the “Marabuzo” line at 1.1015 would confirm the validity of this formation and make the upward scenario more realistic.
The immediate resistance lies at 1.1205, above here the pair will gradually go higher to 1.1460 and 1.1650. Only a daily close below 1.09 would delay the upward scenario mentioned above.