Monthly
From a monthly perspective, we saw a strong bearish candle in April relieving us from 1.2400 and a major zone of consolidation. We had rejected this area 3 times and I believe we could be in for a reversal.
Weekly
We've had a recent EMA crossover to the downside for the first time in over a year. Multiple rejections off 1.2400 as well as strong bearish candles over the past month shows downward momentum. We are currently sitting at 1.1925 with further downside potential.
Daily
The daily has formed a new lower low and we are currently respecting the 8 EMA as a dynamic area of resistance. Yesterday closed as a textbook shooting star which signified downward momentum. A daily close below 1.1925 would indicate further bearish momentum. EMAs are downward facing.
H4
Price has been forming lower highs and lows and a rejection of our preferred fib region combined with a CTL and EMA crossover allows us the opportunity to execute a short trade. We have also closed elow 1.1925 - this however is more reliable if we can see a daily close.
From a monthly perspective, we saw a strong bearish candle in April relieving us from 1.2400 and a major zone of consolidation. We had rejected this area 3 times and I believe we could be in for a reversal.
Weekly
We've had a recent EMA crossover to the downside for the first time in over a year. Multiple rejections off 1.2400 as well as strong bearish candles over the past month shows downward momentum. We are currently sitting at 1.1925 with further downside potential.
Daily
The daily has formed a new lower low and we are currently respecting the 8 EMA as a dynamic area of resistance. Yesterday closed as a textbook shooting star which signified downward momentum. A daily close below 1.1925 would indicate further bearish momentum. EMAs are downward facing.
H4
Price has been forming lower highs and lows and a rejection of our preferred fib region combined with a CTL and EMA crossover allows us the opportunity to execute a short trade. We have also closed elow 1.1925 - this however is more reliable if we can see a daily close.
Comment:
SL moved beyond BE.
Trade closed: target reached