EJ Weekly Analysis

Following previous weeks evening star formation, the weekly chart has printed out a bearish engulfing pin bar formation which indicates that the bulls has been wipe out and the bears are in control right now. Furthermore the pair has broken out of the short term uptrend and would potentially target the downside at 127.25 where it has previously meet strong demand. If 127.25 is broken, it could also potentially extend towards the fib extension at 125.7 to form a new lower low.