MONTHLY: We can clearly see that this pair is in a downtrend, confirmed by the MA's. Lower highs and lower lows being formed. Last months candle despite being a bullish candle could not break the monthly resistance at 1.65000
WEEKLY: A more clear picture of price action and the lower highs and lows being formed, a potential three pin pattern being formed which is a strong indication of a reversal in the works.
DAILY: Rejected of 1.65000 area 3 times in the past week, we also can see a shooting star and a bearish engulfing bar 5 days ago, yesterdays candle was a doji which signals indecision on this pair. Another confluence was a clean rejection off the trendline yesterday.
4HR: We can see a bearish maribozu, five candles previous which is a strong sign of bearish bias. Coupled with the last candle being a hanging man which is another signal that the bulls are now exhausting.
WEEKLY: A more clear picture of price action and the lower highs and lows being formed, a potential three pin pattern being formed which is a strong indication of a reversal in the works.
DAILY: Rejected of 1.65000 area 3 times in the past week, we also can see a shooting star and a bearish engulfing bar 5 days ago, yesterdays candle was a doji which signals indecision on this pair. Another confluence was a clean rejection off the trendline yesterday.
4HR: We can see a bearish maribozu, five candles previous which is a strong sign of bearish bias. Coupled with the last candle being a hanging man which is another signal that the bulls are now exhausting.