This pair showing weakness whilst the dollar is running is a clear sign it is faltering at the moment.
When we zoom out and look at the daily chart we can see the clear resemblances of the two corridors. 4 touches on the upper trend line and the correlation of higher lows and lower highs.
This accumulation period looks almost identical to the period in late may 17' before the pair retests the trend line and eventually melted lower. This week we could see 1.304 prices, a small bounce of this region in the weeks to come and a similar decline.
On the Macd there is just such clear resemblance, both showing sell signals at exactly the same time of consolidation where the blue arrows show, and the MACD about to rollover in a very similar fashion.
The EMA's are coming together in a very similar fashion before price rejects of this and breaks through the 200ema.
History never repeats itself but it does show us trends...
When we zoom out and look at the daily chart we can see the clear resemblances of the two corridors. 4 touches on the upper trend line and the correlation of higher lows and lower highs.
This accumulation period looks almost identical to the period in late may 17' before the pair retests the trend line and eventually melted lower. This week we could see 1.304 prices, a small bounce of this region in the weeks to come and a similar decline.
On the Macd there is just such clear resemblance, both showing sell signals at exactly the same time of consolidation where the blue arrows show, and the MACD about to rollover in a very similar fashion.
The EMA's are coming together in a very similar fashion before price rejects of this and breaks through the 200ema.
History never repeats itself but it does show us trends...