Last Month’s candle closed as a , which tested the downwards facing EMA’s. Price was unable to close below key monthly support of 0.70500.
One this time frame we are seeing the EMA’s being tested by the price, gradually guiding the price down. Price rallied up towards resistance at 0.72250 and closed above the EMA’s followed by a close in the middle of the EMA’s. Last Week price closed forming a , indicating more momentum.
Yesterday’s candle closed as a which rejected my on a third bounce. This also has good confluence with my targeted fib area. EMA’s are not downwards facing but I am expecting them to cross over soon.
On this time frame we can see the price clearly try to break beyond the which was rejected almost straight away, forming both a three pin formation and an . This also was rejecting the previous day’s high. price continued to full below the upwards facing EMA’s.
I dropped down into this time frame to refine my entry, noticing the previous day’s high has been broken I noticed an hourly form followed by a . Price then start to drop until a CTL could be plotted. EMA’s crossed to the down side followed by the CTL break. Target set at the key level 0.70500