Friday's 4Hourly closed as a classic fakeout signifying that the bulls were not ready to give up just yet. Overall bias remains very bearish for the pair and now the most ideal thing to do would be hunt for valid sell setups upon the pullbacks. Unless something goes entirely wrong, I don't think we could have a deep pullback to the top of the range(this is the financial markets though, anything goes). A good point for a pullback however would be 1.13448 where short confluences would be the only thing to be focused on
Bearish targets sit at 1.12500 and lower to form a new LL on the daily timeframe
Bearish targets sit at 1.12500 and lower to form a new LL on the daily timeframe
Order cancelled:
'Dovish rate hike' invalidates analysis and no confluences made on areas of interest
Evidently bulls are still in control at the bottom of the range. As price heads towards the top of the range, the general expectation would be for bears to take over. Price is moving well with no sell orders placed yet since price violated all my areas of interest