The pair has been trading within a Bearish
Megaphone pattern on the 1W chart ( RSI
= 42.637, MACD
= -0.018, ADX
= 36.624, CCI
= -60.8239) since early 2018. The pattern has been making clear Lower Highs and Lower Lows with 3 weeks ago being its most recent Lower Low, which is now the Support (1.11000). The price is on a 3 week rebound since (all green candles), the MACD
is making a bullish
cross and we are expecting this rise to extend as high as the 1W MA200 (orange line). Technically every Lower High reached roughly the 0.786 Fibonacci of the previous High, but hitting the 1W MA200 is a solid place to sell.
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