Efforts from the bear is now clear. After bulls pushed price beyond 166.00, bears pounded to close near session low. This does prove that we are in bear territory.
Dailies are still showing higher high and higher low markings, indicating an intact uptrend. However, this is when I would favor a main bias of a short because price has been climbing higher highs and higher lows for 7 days already.
My immediate bias would depend on the movement in the hourlies. We are now at previous day's low. A good place to buy if we want to go long but the start of this session seems bearish. This could be the spill over sentiment from last night's move. If it fades out with a break above 164.75, then we will see a rally of the bulls.
For now, I am closely watching the breakdown of previous day's low as this would possibly start a bearish phase.
Dailies are still showing higher high and higher low markings, indicating an intact uptrend. However, this is when I would favor a main bias of a short because price has been climbing higher highs and higher lows for 7 days already.
My immediate bias would depend on the movement in the hourlies. We are now at previous day's low. A good place to buy if we want to go long but the start of this session seems bearish. This could be the spill over sentiment from last night's move. If it fades out with a break above 164.75, then we will see a rally of the bulls.
For now, I am closely watching the breakdown of previous day's low as this would possibly start a bearish phase.