After establishing a new high in February, we can also see that price decided to form a double top on a Daily time frame. Soon after price decided to break several structure lows finding its support @ 1.218 at previous structure. Upon further review the 50 Moving Average has been breached on the Daily, awaiting second candle closure for confirmation of further downside potential. Digging deeper price has returned to the support level that it breached to test its resistance, the level being 1.227. Conditions for a possible reversal can include a failure to penetrate the 1.228 which is in confluence with the 4H 50 Moving Average. However there is a strong resistance at the @ 1.235 level so we can't rule out the possibility that price may want to retest resistance. My bias holds strong that we are in a bearish market and price can be seduced to head towards the 1.21 and 1.208 levels created by the structure of price movement.
Thank you for your interest in my analysis.
Likes and comments appreciated.
Thank you for your interest in my analysis.
Likes and comments appreciated.