Long term trend: Down
Medium term trend: Down
Significant Levels: 0.9220 (Horizontal Resistance), 0.9000 (Significant Round Number)
Currently, this pair is hard to trade because of its uncertainty. The price of this pair has been in a range previously, which in turn broke below the range signifying its Bearishness. Though the market is currently going down, some market analysts are still Bullish with this currency pair in the long term. But this technical analysis doesn't say so. We are going to react to what the market is saying to us, and for now, it's going down. As mentioned, this pair is hard to trade now, and what I'd like to see here is for the price to go back up to the Horizontal Resistance (0.9220) and make a Bearish signal for us to go Short. If the price will break above, that would be another case. But this big down move recently is so strong that the market wants to go down after the Range ended. That is want we want to see for now, a retracement back up and a Bearish sign.
Also, it is worth noting how the market reacted on the Significant Round Number (0.9000). The market respected that level and it would be great if the price breaks below it as it will confirm if the trend is really down.
The trend is not very clear, but I'm Bearish with this currency, for now.
Trade well.
Medium term trend: Down
Significant Levels: 0.9220 (Horizontal Resistance), 0.9000 (Significant Round Number)
Currently, this pair is hard to trade because of its uncertainty. The price of this pair has been in a range previously, which in turn broke below the range signifying its Bearishness. Though the market is currently going down, some market analysts are still Bullish with this currency pair in the long term. But this technical analysis doesn't say so. We are going to react to what the market is saying to us, and for now, it's going down. As mentioned, this pair is hard to trade now, and what I'd like to see here is for the price to go back up to the Horizontal Resistance (0.9220) and make a Bearish signal for us to go Short. If the price will break above, that would be another case. But this big down move recently is so strong that the market wants to go down after the Range ended. That is want we want to see for now, a retracement back up and a Bearish sign.
Also, it is worth noting how the market reacted on the Significant Round Number (0.9000). The market respected that level and it would be great if the price breaks below it as it will confirm if the trend is really down.
The trend is not very clear, but I'm Bearish with this currency, for now.
Trade well.