I really believe that this is a bear flag and this is the final touch at the resistance trendline before we can see some downside movement in this pair and the Elliott Wave corrective pattern ABCDE is officially done for now and we should see 5 impulse waves to the downside.
If the price manages to brake the support trendline it will continue to fall even more.
The first area of support from here is the 108.465 area where we could see many confluent price actions in that region.
A close below the 109.70 would signal to the bears to activate their short positions.
- The MACD Histogram starts to level off and I anticipate it to curve to the downside soon enough.
- The RSI is not in the overbought region but I anticipate it to curve to the downside if the bearish momentum continues.
!! Make sure that you make your own analysis before entering a trade and always be cautious in the market.
!! This is not financial advice and it should not be taken as such.
If the price manages to brake the support trendline it will continue to fall even more.
The first area of support from here is the 108.465 area where we could see many confluent price actions in that region.
A close below the 109.70 would signal to the bears to activate their short positions.
- The MACD Histogram starts to level off and I anticipate it to curve to the downside soon enough.
- The RSI is not in the overbought region but I anticipate it to curve to the downside if the bearish momentum continues.
!! Make sure that you make your own analysis before entering a trade and always be cautious in the market.
!! This is not financial advice and it should not be taken as such.