Since price rejected 1.49250 and the 78.6% Fib, we have seen a nice sequence of LL's & HL's forming with price being capped by the counter trend line.
The Daily time frame is looking like it's under pressure with multiple wicks to the upside indicating the bears are defending this area nicely.
Our first confirmation was that we saw a break below market structure (1.4770 - 1.4780) and the 4 hour 50ema followed by a retest.
Price has tapped the 50% Fib level 3 times and now closed back below the 50ema forming an evening star candlestick formation having failed to break above previous market structure.
This liquidity pool is acting as a nice level of resistance for this pair and with USOIL potentially making a break for the upside we have multiple confluences to support a nice short trade.
IG: @thetraveltrader
The Daily time frame is looking like it's under pressure with multiple wicks to the upside indicating the bears are defending this area nicely.
Our first confirmation was that we saw a break below market structure (1.4770 - 1.4780) and the 4 hour 50ema followed by a retest.
Price has tapped the 50% Fib level 3 times and now closed back below the 50ema forming an evening star candlestick formation having failed to break above previous market structure.
This liquidity pool is acting as a nice level of resistance for this pair and with USOIL potentially making a break for the upside we have multiple confluences to support a nice short trade.
IG: @thetraveltrader