currency pair is moving in a descending channel
on the 4-hour timeframe, and prices have just broken out of a counter trend ( ascending channel
) on the 1-hour timeframe. I expect further downside of the pair after a small consolidation (breather/correction/pause) in the form of a bear flag
pattern. However note that prices might skip this stage if bears are looking for "skin" (powerful enough). This should be a good scaling trade and the target is at the bottom of the ascending channel
pattern at the price level 1.11870.