The pair formed a bearish flag pattern and subsequently broke below the trendline, signaling a potential continuation of the downward move. Following the breakout, price retested the trendline and rejected it on the first retest candle, accompanied by strong selling volume. This confirms bearish momentum and strengthens the probability of further downside movement. Based on the current market structure, I anticipate the pair will continue lower in line with the prevailing H4 downtrend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.