1M
Price action has breached Monthly support of 1.14500, this has now turned resistance. During the same time frame price moved away from the EMA too much, which is shown by last month and this month’s break of resistance and EMA retest. EMA to the downside.
1W
Last week’s candle closes as a bearish engulfing and also completed the 3 pin formation which includes a shooting star.
1D
The shooting start on the weekly time frame can be seen clearly on the Daily as it forms the latest higher low in the overall bearish series of moves. At this same point we see a three inside down candle stick formation, indicating more bearish momentum. EMA crossed downwards, price may be getting to far from EMA so need to keep an eye on price.
4H
The downwards facing EMA has been tested by the price again, forming a shooting star. This shooting star also lines up with my fib retracement zone. The massive bearish engulfing we saw last week on Friday broke the previous day’s low, triggering stops or TP which causes the pullback we are seeing now.
1H
I have dropped into this time frame to refine the entry for my trade. My CTL line have been broken with a bearish engulfing, alongside EMA crossed to the down side.
Price action has breached Monthly support of 1.14500, this has now turned resistance. During the same time frame price moved away from the EMA too much, which is shown by last month and this month’s break of resistance and EMA retest. EMA to the downside.
1W
Last week’s candle closes as a bearish engulfing and also completed the 3 pin formation which includes a shooting star.
1D
The shooting start on the weekly time frame can be seen clearly on the Daily as it forms the latest higher low in the overall bearish series of moves. At this same point we see a three inside down candle stick formation, indicating more bearish momentum. EMA crossed downwards, price may be getting to far from EMA so need to keep an eye on price.
4H
The downwards facing EMA has been tested by the price again, forming a shooting star. This shooting star also lines up with my fib retracement zone. The massive bearish engulfing we saw last week on Friday broke the previous day’s low, triggering stops or TP which causes the pullback we are seeing now.
1H
I have dropped into this time frame to refine the entry for my trade. My CTL line have been broken with a bearish engulfing, alongside EMA crossed to the down side.