It's been a long time since trading this pair. But I've decided to do a weekly breakdown of the pair. We have a had a weekly strong bearish closure with price breaking out of a consolidation range in which are my two navy blue monthly key level. I have had my 3rd trend line touch of my white descending trend line. This also eventually hit a -27% fib extension on a daily timeframe falling short by 15 pips due to respecting my channel trend.
What I am looking for is a slight pullback to the upside going into next to my daily key level purple zone of 1.1300 creating a lower high on Friday slowing down bearish momentum. Honestly can I see my inner trend line being tested again? possibly. not fully convinced though. It can be argued that the weekly closure has closed within the monthly key levels rejecting the break below and we can just range back to the top of the channel. but with a heavy bearish engulfing candle last week it is possible for continued bear going into next week. But before any bears I am confident of the pull back to 1.13000 which positions price under my daily moving averages. Brexit can also affect the Euro this week too.
Just to mention i have a weekly turquoise key level at 1.10500 which also matches up with a weekly fibonacci D1 Target this could be a long term target in weeks to come unless theres a strong bull turnaround and i can see 1.15500 being the next upside target if we break and retest continuation out of the bearish channel.
What I am looking for is a slight pullback to the upside going into next to my daily key level purple zone of 1.1300 creating a lower high on Friday slowing down bearish momentum. Honestly can I see my inner trend line being tested again? possibly. not fully convinced though. It can be argued that the weekly closure has closed within the monthly key levels rejecting the break below and we can just range back to the top of the channel. but with a heavy bearish engulfing candle last week it is possible for continued bear going into next week. But before any bears I am confident of the pull back to 1.13000 which positions price under my daily moving averages. Brexit can also affect the Euro this week too.
Just to mention i have a weekly turquoise key level at 1.10500 which also matches up with a weekly fibonacci D1 Target this could be a long term target in weeks to come unless theres a strong bull turnaround and i can see 1.15500 being the next upside target if we break and retest continuation out of the bearish channel.
