Zooming into the weekly this looks to be painting a different picture.
Underneath the surface of the Monthly structure and most recent candle formation, it would appear there's conflicting information.
There may be a new trend forming, but we're a long way off confirmation for that to be considered in our analysis at this stage.
Looking into the structure of price movement over the last few weeks, it appears we've closed below and are now coming back to retest support turned resistance. If this level holds to the upside, we could be in for some more selling pressure down towards our D extension target.
Either way, we shouldn't be looking to sell this far from value (50EMA).
The direction of this pair is going to be determined by how we react to this current price zone.
Let's have a look closer moving down to the daily.
Underneath the surface of the Monthly structure and most recent candle formation, it would appear there's conflicting information.
There may be a new trend forming, but we're a long way off confirmation for that to be considered in our analysis at this stage.
Looking into the structure of price movement over the last few weeks, it appears we've closed below and are now coming back to retest support turned resistance. If this level holds to the upside, we could be in for some more selling pressure down towards our D extension target.
Either way, we shouldn't be looking to sell this far from value (50EMA).
The direction of this pair is going to be determined by how we react to this current price zone.
Let's have a look closer moving down to the daily.