On the Weekly we can see the strong bearish
bias with the large red candles all over the place. After the price has formed Bearish Engulfing
on the 61.8% FIB it then made LH and came all the way down to the Monthly support level
. Was a false breakout of the support when the price came back to retest the prior LH. The level 0.79370 is a very strong resistance as we can see that the price couldn't break it and close above. We can see the strength by all those spikes price made every time approaching the level. This time it made very nice Shooting Star
out of this level and fall back down to Monthly support area
where it is struggling right now. We can see that the EMAs crossed up however the price is still below the 200MA. As I've said in the PART1 (you can find on my page) we're heading down after bouncing back into the channel and off the FIB level unless we will break the channel, retest and continue to go up changing by this the existing trend.
Thanks for taking your time to read all of this) I wish you all profitable trading