As seen, the ccy pair is in an uptrend channel and is now bearish.
If we look at the RSI, it is oversold and therefore we can expect a retracement anytime. To support this move, we can also see the candlestick, the wick is being rejected from the 0.5 fib ratio hence might indicate a retracement.
To be honest, I will not enter the market now but rather wait for more confirmation - to determine if the price is still going to decrease all the way to the support/demand region then buy from there.
I will be observing the 4H timeframe and 1H timeframe to make a more informed decision - by looking at where the candlestick closes next + the RSI
If we look at the RSI, it is oversold and therefore we can expect a retracement anytime. To support this move, we can also see the candlestick, the wick is being rejected from the 0.5 fib ratio hence might indicate a retracement.
To be honest, I will not enter the market now but rather wait for more confirmation - to determine if the price is still going to decrease all the way to the support/demand region then buy from there.
I will be observing the 4H timeframe and 1H timeframe to make a more informed decision - by looking at where the candlestick closes next + the RSI