My bias on this pair has been bearish for a while now and that isn't changing anytime soon.
After being stuck in a bit of consoldation last week i was waiting for a daily break in structure to confirm lower prices. Price broke that structure on that last day of the week (friday) and didnt give me an opportunity to get in short. However going into next week price is at a key level of daily support. Price is either going to continue its bearish momentum and break this support level or it will respect it as support and we could possibly be in for a retracement. Either way i will be looking to short this pair.
From this chart you can clearly see price making lower lows and lower highs. It has given a clear ABCD pattern, as well as respecting key fibonacci levels. I am anticiapting the next long term lower low to be made at the price of 1.2355.
After being stuck in a bit of consoldation last week i was waiting for a daily break in structure to confirm lower prices. Price broke that structure on that last day of the week (friday) and didnt give me an opportunity to get in short. However going into next week price is at a key level of daily support. Price is either going to continue its bearish momentum and break this support level or it will respect it as support and we could possibly be in for a retracement. Either way i will be looking to short this pair.
From this chart you can clearly see price making lower lows and lower highs. It has given a clear ABCD pattern, as well as respecting key fibonacci levels. I am anticiapting the next long term lower low to be made at the price of 1.2355.