Structure is currently within a bearish state. Within the descending channel, we can see structure made a strong impulse from the sellers towards the end of September, beginning of October in which price then moved into a state of liquidation or profit taking (daily ascending trend). We just recently saw price break out of the daily ascending trendline creating short term lower lows warranting the ascending trend as relief or profit taking from the initial bearish impulse indicating for further continuation of the initial bearish impulse. We can see a continuation coming about within structure in which if structure breaks out of the continuation pattern plus creates short term lower lows, further continuation to the downside can be seen. The buys at this point seem to be irrelevant as price is showing strength from the bears. Full analysis on this pair can be found on The Exchange. What do you legends think?
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The Exchange
The exchange will provide you with continuous information, via multiple daily technical and fundamental market updates from NY and London FX sessions, designed to add dimension and breadth to your trading.
Join Today: www.thatfxtrader.com/the-exchange
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Take Profit Hit.