The tide is turning
The market trend in this pair looks to be entering a phase 4 decline. Upwards trend line is broken and a down ward channel in price action is forming. This is also the most time it has spent below the 50ma in the last 4 years. 50ma also now flattening out and could roll over capping price action below it.
A couple of support and resistance levels im watching including the developing channel. Price moving above .80 would be very bullish, closing below .748 I would suspect price to accelerate down.
We also have bearish divergence with MACD and its getting close to swinging below the zero line.
One for the long term watch list.......
A couple of support and resistance levels im watching including the developing channel. Price moving above .80 would be very bullish, closing below .748 I would suspect price to accelerate down.
We also have bearish divergence with MACD and its getting close to swinging below the zero line.
One for the long term watch list.......
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