These are the key levels i'll be watching on this pair to take short positions from.
There's a lot of room for us to continue to the downside on this one and the higher timeframes have been trending bearish for quite some time. The daily shows this clearly.
The level we are at just now is a key area as this would make the daily put in a clear 'Lower High' in the trend and continue to the downside, so if price fails to push up, break through and continue through my marked levels it's a good indicator that there's further bearish movement on this pair as we'll have failed to break the previous lower high, thus keeping us in the downtrend!
The green box is an area i'll be keeping an eye on as we saw a big bearish reaction from here previously, the purple box at the top indicates the area we'll be watching to see if we stay bearish or not, as a break and close above here would put us bullish and the bias could begin to change.
There's a lot of room for us to continue to the downside on this one and the higher timeframes have been trending bearish for quite some time. The daily shows this clearly.
The level we are at just now is a key area as this would make the daily put in a clear 'Lower High' in the trend and continue to the downside, so if price fails to push up, break through and continue through my marked levels it's a good indicator that there's further bearish movement on this pair as we'll have failed to break the previous lower high, thus keeping us in the downtrend!
The green box is an area i'll be keeping an eye on as we saw a big bearish reaction from here previously, the purple box at the top indicates the area we'll be watching to see if we stay bearish or not, as a break and close above here would put us bullish and the bias could begin to change.
Comment:
Unfortunately didn't get a tap of the zone on this one, tough to watch these kinda trades run away from you sometimes but that's the way it is!