In the month of February, we witnessed a huge candle that took out January as well as our 8 . Momentum totally turned around; as we look at March, we can see a clear retest and rejection from 0.7750. I can see this pair in a further decline.
3 weeks ago, we saw a take out both EMAs as well as 0.7750 as a key area of monthly support. EMAs have crossed the the downside and we can see some long wicks to the upside signifying some selling pressure.
candle last week which firmly rejected our monthly . Clear lower highd and lower lows which support our downtrend bias. EMAs are downward facing and todat we could see a strong close.
Price has pulled back into the 38.2% fib region with confluence at monthly resistance. CTL has broken with EMAs crossed to the downside. Lower swing highs are also present.