Monthly
The last 3 months have been bearish on this pair and overall I am looking for 116.00 monthly support.
Weekly
After 4 weeks of strong bearish price action, we have finally breached the 118.00 key level. MAs are crossed to the downside on the weekly.
Daily
Lower highs and lows on the daily TF and MAs crossed to the downside. Trading below a strong weekly level which was breached last week.
H4
Lower highs and lows supporting our downward bias. We've rejected the weekly area of 118.00 which is also in confluence with 61.8% fib level. This area also forms the completions of a lower high. We have formed a bearish engulfing this morning and rejected 61.8% again. Our CTL on the 1-hour timeframe has been broken with a retest and rejection allowing us to enter off a continuation.
The last 3 months have been bearish on this pair and overall I am looking for 116.00 monthly support.
Weekly
After 4 weeks of strong bearish price action, we have finally breached the 118.00 key level. MAs are crossed to the downside on the weekly.
Daily
Lower highs and lows on the daily TF and MAs crossed to the downside. Trading below a strong weekly level which was breached last week.
H4
Lower highs and lows supporting our downward bias. We've rejected the weekly area of 118.00 which is also in confluence with 61.8% fib level. This area also forms the completions of a lower high. We have formed a bearish engulfing this morning and rejected 61.8% again. Our CTL on the 1-hour timeframe has been broken with a retest and rejection allowing us to enter off a continuation.
Trade closed: target reached:
111 pips profit.