Last two weeks were very indecisive weeks where price moved up and down but formed doji weekly candles. For this week we will be expecting bears to be in charge of the action and drag the price lower as it is the mid-term bias of the market but first we will be looking for a test of the M_PP at 1.32417. If price tests this structure we will be trying to take short positioning if we see some bearish evidence on the pair's price action. If price breaks and closes above the M_PP, we should look carefully its action because bulls can take charge and reverse the direction of the market.
Comment:
The pair after testing the 1.3100 levels, returned under bulls control and today made a new test of the 1.3200 structure. We have our entry planned at 1.3241 M_PP as a short position as it seems, we will still have to wait for the price to reach at this level in order to trigger our pending order.
Comment:
After the strong bullish momentum on the first part of the week, the price has reached the M_PP level where as it seems now it has found some resistance from bears. We expect that this area proves as strong resistance for now and drags the price down. By looking on the chart we can conclude that our main area of focus during the weekend analysis will be again around the M_PP at 1.32417.