I think this is a complex pullback which has happened and now also reached the 61.8 retracement from swing low to swing high. The big boys are clearly bearish and even though we saw an ascending triangle which I have drawn out, I am still bearish on this pair. Price may press up to red structure level( I drew a straight line I know) before reversing, or this...
Since last week price has been falling and showing us typical breaks of structure&retesting (previous support turning into resistance). Price broke previous low and is retesting that level as resistance. If it holds then it may continue in the same pattern to the downside. Just using simple support & resistance (market structure) can be such a good foundation for...
Price could not break 1.50 level last week and did not make higher highs either as price was trading a range for a few days, and has broken structure level to the downside and retested that level twice before going even lower. Today price broke down again below previous lows (look left structure leaves clues). Now it has retraced back to previous support, testing...
We can see a head and shoulders formation on 1h chart with price breaking neckline and testing as resistance right now, there is also a double top on the daily chart which gives us more confluence for a reversal. Price action has not been able to break with momentum past 88.80- 89.00 area to the upside (89.00 also psyc level) and this resistance level is from dec...
Price has not been able to break over the 130.70 level since beginning of last month, when price went above this level it was just an faker on higher timeframe (daily). The bulls tried many times to push up but did not have the power to do so. It is now at major support levels and if price action can break and close below that blue box with strong bearish candles...
Just an idea for where price action is likely to go next, price just coming down from a critical zone that has been tested many times, on lower time frame it might be a buy, higher time frame bias is sell considering the big downtrend and a huge spike down from 2 weeks ago. May test the trend line before continuing downwards. Looking for a move to next support...
Looking to sell short if price action pullbacks into entry zone, got different fib retracement confluence, support/resistance levels, trendline cuts through the entry zone too. very good risk to reward ratio, stops above previous outside return.
Possible inverted head and shoulders if price action can complete the right head? If so, price can break to the upside with a move back up to previous high, testing as a double top. Lets seeee
