Using the weekly timeframe, once can see that price had completed a double top formation at the weekly resistance and thus price was continuing the downwards movement. Price had closed below the 1.196 level which indicates as to a bearish outlook for the week ahead
Price broke through the minor zone of 1.196 and retested it, failing to break above this level for 4 days. Price also rejected the EMA via a shooting star formation on daily.
The 0.38 fib level also held.
The first area where i believe price is headed towards is around the -0.27 extension. If the weekly support is broken we can see price head to the 1.164 level
Price broke through the minor zone of 1.196 and retested it, failing to break above this level for 4 days. Price also rejected the EMA via a shooting star formation on daily.
The 0.38 fib level also held.
The first area where i believe price is headed towards is around the -0.27 extension. If the weekly support is broken we can see price head to the 1.164 level