MONTHLY: Price ranging between the key levels of 1.2000 and 1.25000 for the last 6 months.
WEEKLY: We can see lower highs being formed, last week price closed just above the 1.25000 area, however at the start of this trading week price has once again dipped back below this key area. A three pin pattern also looks like forming which is a good sign of a lower high forming and a potential reversal.
DAILY: At the start of last week a bearish engulfing bar was formed taking out 4 days of previous price action This candle was also a maribozu which is a good sign of bearish momentum. Price could not break the long term down trend line, despite testing it twice.
4HR: MA crossover to the downside, lower highs and lows being produced along with a break of the Counter Trend line in the last candle whivch suggests a down move is imminent.
WEEKLY: We can see lower highs being formed, last week price closed just above the 1.25000 area, however at the start of this trading week price has once again dipped back below this key area. A three pin pattern also looks like forming which is a good sign of a lower high forming and a potential reversal.
DAILY: At the start of last week a bearish engulfing bar was formed taking out 4 days of previous price action This candle was also a maribozu which is a good sign of bearish momentum. Price could not break the long term down trend line, despite testing it twice.
4HR: MA crossover to the downside, lower highs and lows being produced along with a break of the Counter Trend line in the last candle whivch suggests a down move is imminent.