The weekly chart of this pair shows a bearish divergence on the histogram, price at value, an inverted H&S formation which looks like it is failing, a previously overbought Force Index and blue impulse. All these facts, considering we are in a massive downtrend, makes me want to short.
Going on to the daily chart for timing, the setup looks great. There has been a false breakout above 0.69, and a divergence has formed on the histogram. The impulse is already red, because of the fall early this morning.
I am looking for the previous major low to be tested, but I think this chart can go much lower than that.
Going on to the daily chart for timing, the setup looks great. There has been a false breakout above 0.69, and a divergence has formed on the histogram. The impulse is already red, because of the fall early this morning.
I am looking for the previous major low to be tested, but I think this chart can go much lower than that.
Comment:
Stopped out. When such a bearish scenario fails, it is probably time to buy. Reverse position!
