With over 80pips in our direction (see link below for reference purpose) before experiencing a decline later in the week; insinuates a weakness of Buyers to push the price to complete expectations (AB =CD) hereby making 0.66000level my Key level again for this week as I shall be looking at price reaction at this juncture in the market.
Tendency: Downtrend ( )
Structure: Channel | Trendline | Breakdown
Observation: i. A Breakdown (0.66375) and Re-test of Current Trendline (0.66900) on 4H gives a clue in the direction of a shift at the moment that drives towards a bias.
ii. I was expecting the price to make a move (AB = CD) last week but unfortunately, it didn't as the 0.66900 level appears to be a level packed with Selling Pressure driving price further down.
iii. A significant Breakdown of my Key level in the following week(s) shall be a signal for me as I will be anticipating a hit of my Daily Trendline (seen on the chart) which also coincides with the nearest major Support @ 0.64000 (a psychological level).
iv. It is worthy to note that the economic news coming up mid-week shall be a significant driver in the direction of market participants in the following week(s).
Trading plan: SELL confirmation with a minimum potential profit of 250 pips.
Potential Duration: 5 to 10 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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