Bearish counter-trend corrective flag on 1hr and 4hr Timeframes. However I can see divergence on the 1hr macd and volumes are very low atm as expected. Hopefully the pair can break out of the counter corrective bearish flag with a heavy impulse out of the level of impulsive resistance and give us a retrace as confirmation so we can enter a short position. Looking at the 50 EMA, on all timeframes, the 50ema is way above the current price action. This means we should be looking to short the pair adding further confluence to the potential short position opportunity.
Trade closed: target reached