Price had bounced from the Daily trend line & Daily 50ema and we saw a retrace back up to the neckline (previous support now resistance) where price has been consolidating for the past 24 hours.
We did see a push higher above the neckline followed by a sharp decline to the downside with a long wick rejection indicating selling pressure defending the upside.
Another opportunity has presented itself upon a rejection of the neckline following from a bearish engulfing.
Downside targets are H&S pattern duplication.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)
We did see a push higher above the neckline followed by a sharp decline to the downside with a long wick rejection indicating selling pressure defending the upside.
Another opportunity has presented itself upon a rejection of the neckline following from a bearish engulfing.
Downside targets are H&S pattern duplication.
Instagram: @TheTravelTrader (www.instagram.com/thetraveltrader)
Twitter: @fx_ollie (twitter.com/fx_ollie)