Price has clearly in a downtrend as it continue to form a series of LL & LH. After forming a bottom on Institutional level 1.208, price has continue to retrace higher towards Institutional Level 1.228 which has confluence with the SMA 50, 4H Resistance and 4H FLB 70.5 level.
Throughout yesterday Session, price has tried to break above the Institutional Level 1.228 but failed to do so. It ended up closing below the SMA 50 in a Shooting Star formation. The confluence has line up indicating that price can potentially reverse from this region to continue the bearish move to the downside.
Bias = Bearish
Structure = Corrective
Setup = 4H FLB 70.5 Bounce
Throughout yesterday Session, price has tried to break above the Institutional Level 1.228 but failed to do so. It ended up closing below the SMA 50 in a Shooting Star formation. The confluence has line up indicating that price can potentially reverse from this region to continue the bearish move to the downside.
Bias = Bearish
Structure = Corrective
Setup = 4H FLB 70.5 Bounce
