Monthly
Multiple rejections off the monthly key area of 0.7750 and possible looking at a potential evening star formation if April's candle closes 60% bearish.
Weekly
Last week we had a bearish doji formation representing indecision and an inability to breach a daily area of 0.76065 - this week's candle has been bearish so far and price is adjusting after a gap in the market due to the French elections. MA's are converging closer together for a possible cross to the downside.
Daily
A few weeks ago a downtrend started with clear lower highs and lower lows combined with our daily TL break. We also had an MA crossover to the downside. Price rejected both the 61.8% fib level as well as our daily barrier of 0.76065 forming a shooting star and bearish engulfing. These were all confluent with a lower high. Yesterday's daily close formed a hanging man candle after the French elections.
H4
Break of our CTL as well as break of a support area which was previously resistance before the weekend gap. Retested - rejected and playing off the continuation. MAs have crossed over to the downside and we also have an evening star on the H1 TF.
Multiple rejections off the monthly key area of 0.7750 and possible looking at a potential evening star formation if April's candle closes 60% bearish.
Weekly
Last week we had a bearish doji formation representing indecision and an inability to breach a daily area of 0.76065 - this week's candle has been bearish so far and price is adjusting after a gap in the market due to the French elections. MA's are converging closer together for a possible cross to the downside.
Daily
A few weeks ago a downtrend started with clear lower highs and lower lows combined with our daily TL break. We also had an MA crossover to the downside. Price rejected both the 61.8% fib level as well as our daily barrier of 0.76065 forming a shooting star and bearish engulfing. These were all confluent with a lower high. Yesterday's daily close formed a hanging man candle after the French elections.
H4
Break of our CTL as well as break of a support area which was previously resistance before the weekend gap. Retested - rejected and playing off the continuation. MAs have crossed over to the downside and we also have an evening star on the H1 TF.
Comment:
SL moved to BE + 5 pips.
Comment:
Hit our in profit Sl for 50 pips profit.