THIS PAIR HAS BEEN IN A DOWNTREND RECENTLY AND WITH THE DOLLAR STRUGGLING TO GAIN ANY BULLISH MOMENTUM BACK I THINK ITS LIKELY TO CONTINUE. WE HAVE A THIRD TRENDLINE BOUNCE HERE WHICH IS CONFLUENT WITH THE 61.8 FIB LEVEL AND HAVE FORMED A NICE BEARISH ENGULFING CANDLE.
I FAVOUR THIS AS A SHORT BACK TO THE LOWS AT 122.00 AND OUR KEY SUPPORT. IF THIS LEVEL GOES PRICE WILL BE PUSHING DOWN TO OUR FIB EXTENSIONS AND TO MEET THE ASCENDING TRENDLINE AROUND 121.00
IM DONE FOR THE WEEK NOW AND LIKELY WONT TAKE THIS TRADE OR ANY OTHER UNTIL NEXT WEEK BUT I WANTED TO SHARE MY INSIGHT AND SEE HOW THIS ANALYSIS PLAYS OUT.
HOPE THIS HELPS!! :)
I FAVOUR THIS AS A SHORT BACK TO THE LOWS AT 122.00 AND OUR KEY SUPPORT. IF THIS LEVEL GOES PRICE WILL BE PUSHING DOWN TO OUR FIB EXTENSIONS AND TO MEET THE ASCENDING TRENDLINE AROUND 121.00
IM DONE FOR THE WEEK NOW AND LIKELY WONT TAKE THIS TRADE OR ANY OTHER UNTIL NEXT WEEK BUT I WANTED TO SHARE MY INSIGHT AND SEE HOW THIS ANALYSIS PLAYS OUT.
HOPE THIS HELPS!! :)