The counter is in a long-term downtrend.
The current sideways movement is a consolidation for the long down haul.
Further, it is being capped by confluence of resistances -- price action resistance and trendline.
The MACD indicator has turned bearish as well.
And the dovish policy of European Central Bank is also set to offer resistance.
Hence, we expect the pair to take a dive from here.
The current sideways movement is a consolidation for the long down haul.
Further, it is being capped by confluence of resistances -- price action resistance and trendline.
The MACD indicator has turned bearish as well.
And the dovish policy of European Central Bank is also set to offer resistance.
Hence, we expect the pair to take a dive from here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.