After price failed to reach monthly Res @ 1.15 we saw a nice decline, with a break of the Weekly TL.
Price action currently sits at Daily support @ 1.1
I am remaining bearish on this pair however. the Weekly close formed a bearish engulfing which swallows 9 candles. The MA's are indicating possible downside crossover, whilst the Daily has crossed over.
I am anticipating a small rally off of the daily support level. With a break and retest as shown on the chart.
This scenario isn't likely to play out as cleanly as I have predicted but I am expecting very similar movement in price, as my long-term bias is to the downside targeting monthly support @ 1.0665
Happy Trading!
Chartster
Price action currently sits at Daily support @ 1.1
I am remaining bearish on this pair however. the Weekly close formed a bearish engulfing which swallows 9 candles. The MA's are indicating possible downside crossover, whilst the Daily has crossed over.
I am anticipating a small rally off of the daily support level. With a break and retest as shown on the chart.
This scenario isn't likely to play out as cleanly as I have predicted but I am expecting very similar movement in price, as my long-term bias is to the downside targeting monthly support @ 1.0665
Happy Trading!
Chartster