There was a significant selloff at the end of the 3rd . The bears even pushed the price lower than the previous . On that same day the bulls tried to regain control, but were unable to close at the opening of that day. This resulted in a . The day after on friday the 20th of March the bulls tried to invalidate this selloff, but were eventually kicked back to 0.7225.
Reading price action with the 4H candlestick
The most recent structure (formed in the beginning of March) was broken so I was looking for a retest of structure at 0.7267. With a and the I had more reason to believe that a at 0.7267 could actually initiate the next selloff. And so while the daily was forming, I saw a hidden divergence with the on the 4 hour chart.
Putting these readings into perspective
An initial test of the monthly range zone has taken place which resulted in a (temporary) relief of pressure (B). On the monthly chart this relief is beginning to look like a large . However, the overall trend is still and we have not violated the prior daily lower high at X. The bears initiated a strong sell-off just below X which resulted in a at C. The day after on friday the bulls could not invalidate the . I turned the technical indicators off, but the is not showing any sign of divergence yet and the shows that the last two had taken place at the mid of the band. I expect the bears will push the price lower to at least the most recent lows at 0.7013. But an with an completion at the zone of 0.6669-0.6564 is also a possibility.