1. After an extended bearish run, the pair has failed to push lower and formed a doji formation. This indicates that the pair has temporary lose the bearish momentum and the buyers could potentially push the pair into a correction rally.
2. The pair is expected to pullback into the resistance and supply zone at 1.285 - 1.29 region. A rejection printed on that region will be taken as continuation signal for more downside.
3. If the pair found resistance on 1.285-1.29, the downside target will be 1.26. Furthermore, a break below 1.26 would expose the downside at 1.215. On the flipside, if the pair manage to stay above 1.29 region, the correction rally would potentially extent to 1.305 region which is the EMA 8.
Bias
Long-term: Bearish
Short-term: Bullish
2. The pair is expected to pullback into the resistance and supply zone at 1.285 - 1.29 region. A rejection printed on that region will be taken as continuation signal for more downside.
3. If the pair found resistance on 1.285-1.29, the downside target will be 1.26. Furthermore, a break below 1.26 would expose the downside at 1.215. On the flipside, if the pair manage to stay above 1.29 region, the correction rally would potentially extent to 1.305 region which is the EMA 8.
Bias
Long-term: Bearish
Short-term: Bullish