The pair looks like it's ready to move down again after some consolidation at this levels. The upside should be fairly capped for this pair.
BEAR CASE
We could see price test 153.5 before more downside.
BULL CASE
On the daily, the 200MA at 152 may serve as suspport for a storng rebound, if this plays out we will look for a short at much higher levels.
Bullish Indicators:
1) HH HL
2) Support zone 156.078
3) Upward trend
Bearish Indicators:
1) Resistance zone at 158.213
2) Evening star on 4H
3) Bearish divergence on RSI
Plan A: After forming evening star on 4H and the bearish divergence on RSI the pair looks like will move further downward towards 156.078 and then towards 154.800.
Plan B: On contrary a bounce...
Price has slowed down and is now looking to make a reversal or a retracement.
If you look to the left at previous price history you will see that price has met resistance at an area that previously acted as support.
In the bigger scheme of things price has been in a downtrend and i think i see price making a new Lower high on the bigger time frame.
I see...
Will be monitoring this trade closely this week, but my bias remains short at the moment. the area where the ray line is has been a good intraday support and resistance area. Which aligns perfectly with the .318 fib which is added confluence for a strong level of resistance for the current price action. Ill be waiting for a retest to that ray line for an entry...
-M formation coming up
-EMAS closing in
-rebound from monthly
-if we go down we could go to the next significant support
We'll se how price action goes, because I think we need a bit more confluence.
