Seeing that much consistency against this pair means we could be chasing a bottom, possibly.
A recent fib study shows a 1st stop 116.517 (382) did in fact stop a 1st run up twice earlier in the trading session.
I am keeping an eye on that recent fib study to see if we break lower towards the larger 115.07 (786) price point or if we break that recent fib 1st stop 116.517 (382). If we break 116.517 then I plan to place larger bets into the Bull market.
updated study with chart notes
we could be chasing 115.07 range after all
its not a popular view but then again most calls I've seen is majority long for this pair the last couple weeks
We not only started this study out almost 100 points away from 115.126 l but have been calling out a Bear since 123ish price point. For some reason Oanda shows close of 115.284 but my broker shows the proper 115.126. The spread was bouncing around 25-30pip at close so that is likely why.
Is this a bottom? Who knows.
What I do know is market structure determines movement (reversal) and that will 1st require strong support that is consistent. Otherwise a pricing of 99 is not far away considering how far this has dipped in 1 month.