Monthly
This pair has been climbing since the bottom during mid -2016. Recently at 136.00, we saw a huge bearish engulfing rejection which took out 6 months worth of prior price action. During March and April, we saw spinning top formations which retested 132.00 as resistance and now I believe we will continue to see further momentum to the downside.
Weekly
From a weekly perspective, 2 weeks ago we saw a strong bearish candle which closed below our EMAs - already facing down. Last week we reacted at the 130.00 support level naturally but this week we seem to be rejecting our 8 EMA as dynamic resistance before heading further down and potentially breaking 130.00.
Daily
A new lower low and lower high has been formed supporting a reversal in overall momentum to the downside. On Monday we closed with a shooting star, yesterday a spinning top and today we hope to see a solid close below our EMAs aligned with the weekly TF.
H4
THE H4 chart is also showing lower highs and lows and price has accurately rejected our preferred fib region. We have broken our CTL as well as had a solid EMA crossover bringing us in alignment with the daily and weekly TFs. If we can break the weekly support of 130.00, this pair should head towards the next area of major support.
This pair has been climbing since the bottom during mid -2016. Recently at 136.00, we saw a huge bearish engulfing rejection which took out 6 months worth of prior price action. During March and April, we saw spinning top formations which retested 132.00 as resistance and now I believe we will continue to see further momentum to the downside.
Weekly
From a weekly perspective, 2 weeks ago we saw a strong bearish candle which closed below our EMAs - already facing down. Last week we reacted at the 130.00 support level naturally but this week we seem to be rejecting our 8 EMA as dynamic resistance before heading further down and potentially breaking 130.00.
Daily
A new lower low and lower high has been formed supporting a reversal in overall momentum to the downside. On Monday we closed with a shooting star, yesterday a spinning top and today we hope to see a solid close below our EMAs aligned with the weekly TF.
H4
THE H4 chart is also showing lower highs and lows and price has accurately rejected our preferred fib region. We have broken our CTL as well as had a solid EMA crossover bringing us in alignment with the daily and weekly TFs. If we can break the weekly support of 130.00, this pair should head towards the next area of major support.
Trade closed: target reached