Okay, so not a pair I usually trade or analyse but it was requested and I humbly accepted.
So we can see bulls are in control at the moment, I see an upside move of around 80 pips before we can see a good reversal zone met. I will be looking for the descending trend line to be respected between the 71%-88.6% Fibonacci zone. This will also be a good rejection from the weekly key and we can look for bearish candle stick patterns to indicate a reversal and then our next Lower High will be confirmed. This will then be anticipating a Lower low to continue the downtrend and we can see price drop of around 250 pips. Stop losses will be just above the weekly key.
Instagram: keownarcher
So we can see bulls are in control at the moment, I see an upside move of around 80 pips before we can see a good reversal zone met. I will be looking for the descending trend line to be respected between the 71%-88.6% Fibonacci zone. This will also be a good rejection from the weekly key and we can look for bearish candle stick patterns to indicate a reversal and then our next Lower High will be confirmed. This will then be anticipating a Lower low to continue the downtrend and we can see price drop of around 250 pips. Stop losses will be just above the weekly key.
Instagram: keownarcher