On the weekly we can clearly see this price has broke a trendline to the downside so overall i thing this pair is going down , and it might continue going down later on but for now :
We see price reacting to a weekly support zone ( not the most major zone but hey ) jul - oct 2016 this is were i see this resistance which becomes now support ofcourse.
On the daily we see a intense reaction of price to this zone , large bullish candles and also engulfings.
even though price made a impuls to the upside it did not make a higher high on the daily.
It made a double top into a precvious resistance. So what do we want to see? a nice pullback to the double tops neckline before we continue to the downside.
Price wedges into the 61.8 of the daily impuls move and now shows some bulls entering the market.
I'd say look for a nice entry to go long and aim for the neckline of the double top. This is also the 161.8 of the latest move and this is also lining up with a nice little supply zone.
When prices reaches this area look to go short.
We see price reacting to a weekly support zone ( not the most major zone but hey ) jul - oct 2016 this is were i see this resistance which becomes now support ofcourse.
On the daily we see a intense reaction of price to this zone , large bullish candles and also engulfings.
even though price made a impuls to the upside it did not make a higher high on the daily.
It made a double top into a precvious resistance. So what do we want to see? a nice pullback to the double tops neckline before we continue to the downside.
Price wedges into the 61.8 of the daily impuls move and now shows some bulls entering the market.
I'd say look for a nice entry to go long and aim for the neckline of the double top. This is also the 161.8 of the latest move and this is also lining up with a nice little supply zone.
When prices reaches this area look to go short.