This pair is forming a Triangle on the 4 hour chart.
With these types of triangles price can break out either direction. Therefore, I will sit and wait. We must wait for a good break out and re test. Previously another pair formed a triangle, broke out and shot up opposite to the break out.
The daily chart is showing RSI is moving to the lower range for selling. This would give be confirmation price will continue downwards.
RSI on the 4 hour chart is also downwards.
Currently price is at a minor structural level (look left) This is not at a main Fibonacci level.
I will publish and comment more as price confirms its direction.
With these types of triangles price can break out either direction. Therefore, I will sit and wait. We must wait for a good break out and re test. Previously another pair formed a triangle, broke out and shot up opposite to the break out.
The daily chart is showing RSI is moving to the lower range for selling. This would give be confirmation price will continue downwards.
RSI on the 4 hour chart is also downwards.
Currently price is at a minor structural level (look left) This is not at a main Fibonacci level.
I will publish and comment more as price confirms its direction.
Comment:
Price is still consolidating