According to my analysis this currency pair is going bearish inshallah
My Analysis consist of the Fallowing Four Steps
1------->Behavior:
*Market Structure(M.S)------> Moving in side ways direction after strong move to the upside in 4 hour Time Frame
*S&R------> Price has reached strong resistance zone(Bearish move is expected)
*Trend Line------> Price has reached strong falling resistance zone (Bearish Behavior)
2------>Momentum:
*Previous Candle Close(P.C.C)------> Bullish close (a little pull back is expected before continuation of downtrend)
*Current Candle Close(C.C.C)------> Inverted hammer appear in pull back and close bearish(continuation of downtrend)
3------>Chart Pattern M30 Time Frame:
*Breakout Raising Channel------>Breakout the raising channel and now retesting it indicating continuation of bearish behavior
*Double Top Chart Pattern------>Has created the double top chart pattern which also indicating continuation of bearish behavior
4------>Entry/Exit Point:
*Entering Point------> Enter the market after the breakout of the structural low of double top chart pattern
*Exit Point------>
*Stop Loss------> Stop Loss above the structural High
*Target------> TP1 Strong Support zone in 30 mint Time Frame
*Target------> TP2 Strong Support zone in 30 mint Time Frame
My Analysis consist of the Fallowing Four Steps
1------->Behavior:
*Market Structure(M.S)------> Moving in side ways direction after strong move to the upside in 4 hour Time Frame
*S&R------> Price has reached strong resistance zone(Bearish move is expected)
*Trend Line------> Price has reached strong falling resistance zone (Bearish Behavior)
2------>Momentum:
*Previous Candle Close(P.C.C)------> Bullish close (a little pull back is expected before continuation of downtrend)
*Current Candle Close(C.C.C)------> Inverted hammer appear in pull back and close bearish(continuation of downtrend)
3------>Chart Pattern M30 Time Frame:
*Breakout Raising Channel------>Breakout the raising channel and now retesting it indicating continuation of bearish behavior
*Double Top Chart Pattern------>Has created the double top chart pattern which also indicating continuation of bearish behavior
4------>Entry/Exit Point:
*Entering Point------> Enter the market after the breakout of the structural low of double top chart pattern
*Exit Point------>
*Stop Loss------> Stop Loss above the structural High
*Target------> TP1 Strong Support zone in 30 mint Time Frame
*Target------> TP2 Strong Support zone in 30 mint Time Frame