Daily
On the daily, price is in uptrending structure, and has run into the level 1.87000, which is a prior high. As price first approached this level, it was rejected and formed a candle showing a fair amount of bullish rejection. The following two candles have tested this level and was also rejected. The first of the two candles shows indecision, the second shows bearish rejection.
4 Hour
Dropping to the 4 Hour, price is currently in consolidation, forming loads of indecisive candles, as well as candles showing rejection both ways.
Summary
I do think there is a chance we can be seeing bearish momentum coming into play. If price on the 4 hour can create a strong close below 1.86200, I do think we can see price moving lower towards 1.84500
On the daily, price is in uptrending structure, and has run into the level 1.87000, which is a prior high. As price first approached this level, it was rejected and formed a candle showing a fair amount of bullish rejection. The following two candles have tested this level and was also rejected. The first of the two candles shows indecision, the second shows bearish rejection.
4 Hour
Dropping to the 4 Hour, price is currently in consolidation, forming loads of indecisive candles, as well as candles showing rejection both ways.
Summary
I do think there is a chance we can be seeing bearish momentum coming into play. If price on the 4 hour can create a strong close below 1.86200, I do think we can see price moving lower towards 1.84500
Trade active:
Bearish confirmation created. Short position taken.
