Here I offer a longer term chart in the form of 8hr bars. I see current price is contending with a major Swap Level @ 2.3400. I have marked points of buying and selling pressure with angles. 45 degree (white dashed lines) is a dividing point between speed/acceleration of price and price bias. Pretty clear, if price is above 45 is bullish and vice versa. 67 degrees (red dashed lines) marked a dividing point for very fast or heavy moves. If current price remains under these 67 degree markings then price is obviously moving fast and heavy to the downside. Current price is also pushing up against the Swap Level, testing its resistance strength. I am bearish as long as price remains below the Spread high level of 2.3445. Should price break above the Swap Level price bias could change quite quickly. Conversely, closing below 2.3355 could offer quick moves south to the 2.3000 -2.3100 handle.
Commentaire
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Wow, the negative 45 degree line would have worked like a charm.
Will the Weekly opening price offer a point of support???
cooney_s
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15 minute candle closed below the Spread Low, good selling signal.
cooney_s
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Long term Multiple Time Frame view....we see the bear flag is still in formation and yet to be broken. We also see Bearish Engulfing patterns on several time frames.