Prices are facing bearish pressure from our resistance and descending trend line where we could see a further drop below this level. Ichimoku cloud and EMA are showing signs of bearish pressure as well in line with our bearish bias.
@FXCM, Am late but I we were referring to different timeframes at that time of analysis. Mine was based on the higher timeframes Daily and weekly. But your approach was great and the analysis went right for the given period. I took a long trade after a few confirmations and stayed in the trade for 3 days collecting fantastic returns.