After breaking and re-testing the lower barrier of the descending channel plotted on the graph, we might conclude that the current sentiment for this pair is clearly bearish.
Recently, the price has been ranging within the boundaries of the mini-descending channel identified on the chart, and at the exact moment, the lower barrier of the same channel (that simultaneously lines up with the crucial level of support pictured on the graph) is being rejected.
From here, we are expecting for the price to experience a bounce and potentially reach the level of the previous higher-timeframe LL, borders of which line up with the 50% Fibonacci retracement level drawn from the top of the impulse. And from there, we would anticipate to witness a drop and continuation of bearish impulses.
Have a great trading week!
Investroy
Recently, the price has been ranging within the boundaries of the mini-descending channel identified on the chart, and at the exact moment, the lower barrier of the same channel (that simultaneously lines up with the crucial level of support pictured on the graph) is being rejected.
From here, we are expecting for the price to experience a bounce and potentially reach the level of the previous higher-timeframe LL, borders of which line up with the 50% Fibonacci retracement level drawn from the top of the impulse. And from there, we would anticipate to witness a drop and continuation of bearish impulses.
Have a great trading week!
Investroy