Trading within a Bearish Channel formation.
We have a 38.2% Fibonacci pullback level of 1.1136 from 1.1066 to 1.1249.
The bias remains mildly bearish but there is scope for a move in either direction at the open.
Preferred trade is to sell into rallies.
Expect trading to remain mixed and volatile.
We look to Sell at 1.1135
I assume based on Dows failure to rally, perhaps this is a sign that market wants to turn around
At each test of resistance, after dropping more than 500 points, the market has continued to push bearish as well as the Divergence also validating the direction.
eurnzd was in this triangle formation for quite sometime now. Going into the 4hr I see bearish correctional moves appearing with large pip movement so I went even lower and found another correctional move and another sub correctional move inside that (pink is 15min chart).
Waiting for price to break out of correctional move and follow...
On Jul 9th price broke below the neckline. Yesterday retested the neckline and was rejected lower today after a results announcement.
The 200 EMA is sloping down and price is below the 200 EMA.
All in all #bearish
OBSERVATION: (1m view) Bearish trend since November 2007 all EMAs are parallel.
(1D) 1.27340 being repeatedly tested however still unbroken, an evening doji star formation completed on the 25/06 off this zone. (4H) As price is ranging I will wait for a closure below to go short.