Bearish on the SHORT Term But Bullish Long TERM
Updated
This pair has been plagued by a spike of October 3, 2023, that has caused it to suffer some set back technical analysis wise. Be that as it may, we will still go ahead to get the best analysis out of this pair.
On the Long term, we see this pair giving varying trend dirctions. While it is Bullish on the Monthly, Daily and 4 Hour timeframes, we see this pair as being Bearish on the Weekly as well as on the 1 hour timeframes.
The Level for Bullish liquidity target of the 4 hour timeframe sits right next to our Bearish Price Reversal Zone of the 1 hour timeframe. We have seen price come into that zone and show some sign of Bearishness and Bullishness at the same time. There is strong indecision in the market at that zone at the moment, looking at the chart from the 1 hour perspective.
Because we are trading the 1 hour timeframe, beign the smallest in the analysis basket of timeframes, we will stick to the 1 hours Bearish bias. If that Bearishness holds, price is expected to fall to our 1 hour liquidity target at 147.273.
Where that fails, that is, in the event the market holds Bullish, we will see price hitting our 4 hour liquidity target at 149.992; ending our 1 hour bearish zone and putting the 1 hour in aBullish swing, corresponding to the 4 hour.
On the Long term, we see this pair giving varying trend dirctions. While it is Bullish on the Monthly, Daily and 4 Hour timeframes, we see this pair as being Bearish on the Weekly as well as on the 1 hour timeframes.
The Level for Bullish liquidity target of the 4 hour timeframe sits right next to our Bearish Price Reversal Zone of the 1 hour timeframe. We have seen price come into that zone and show some sign of Bearishness and Bullishness at the same time. There is strong indecision in the market at that zone at the moment, looking at the chart from the 1 hour perspective.
Because we are trading the 1 hour timeframe, beign the smallest in the analysis basket of timeframes, we will stick to the 1 hours Bearish bias. If that Bearishness holds, price is expected to fall to our 1 hour liquidity target at 147.273.
Where that fails, that is, in the event the market holds Bullish, we will see price hitting our 4 hour liquidity target at 149.992; ending our 1 hour bearish zone and putting the 1 hour in aBullish swing, corresponding to the 4 hour.
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On the 1 Hour, we see the market move according to our analysis and prediction. Price is expected to continue the dip and head for our earlier marked our 1 hour liquidity target at 147.273
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