Price is at major resistance level and showed an indecisive weekly candle last week. Furthermore, a potential H&S pattern is forming and a break of neckline could speed up the decline.
Komentarz:
Monthly chart: Price created a 'W' formation which I will be expecting price to complete it by retracing back to the neckline.
Komentarz:
Daily chart: Price has been forming higher highs but RSI is forming higher lows. This give us bearish divergence which lines up with our bearish bias on this pair.
Komentarz:
And 2000 pips later... It would be wise to take some profits off current level as price has completed equal measurement of H&S pattern formation. I do expect more downside in the long term, however we could see some bounce at this area for now.