Still Holding Bearish... But for How Long...?This pair is bearish on the 1 hour and the 4 hour. We choose to limit ourselves to just the 4 and 1 hour charts for now; those are the charts we will be considering the most when taking our trades.
On the 4-hour, we found a bearish push last week, and we were able to catch a bearish trade. We have held on to that position till now, believing that the market still has a bearish trend.
On the 1 hour, we see the market in a bearish PB. The current bullish push has not been able to overthrow the bearish setup. We can see from the charts that the bullish push has come deep into our refined PB zone. We agree that the zone is threatened, but it is still yet to be breached. Until our Bearish zone is breached, we cannot say the bulls have taken over, and as such, we will still hold on to our bearish perspective.
Now for the further analysis:
We hope to see the bearish zone hold. Where it holds, prices are expected to drop bearish toward the 1-hour liquidity target.
Where our expectations fail, we will see our zone breached. In that circumstance, we hope to see prices soar higher for a bit to give us a deeper retracement into the 4 hour PB. From there, we will hope to see a deeper retracement reversal, after which the market will be expected to run the 4 hour liquidity target below.
