Weekly
We've had a strong few weeks prior to last week but price has stalled and closed off as a doji rejected the 1.3700 weekly area with a long upper wick indicating some selling pressure. A potential 3-pin formation by the end of this week's close.
Daily
After a bullish streak to the upside, Friday's candle closed as a bearish engulfing taking out 4 days worth of prior bullish price action. This bearish engulfing candle also broke 1.3700 - a good sign of a reversal to the downside.
H4
A clear break of our H4 TL with a retest and rejection confluent with 61.8% fib level. We have an MA crossover to the downside as well as lower highs supporting our downtrend bias. H1 chart shows a break of our CTL as well as an MA crossover and bearish engulfing completing taking out 13 hours of consolidation.
We've had a strong few weeks prior to last week but price has stalled and closed off as a doji rejected the 1.3700 weekly area with a long upper wick indicating some selling pressure. A potential 3-pin formation by the end of this week's close.
Daily
After a bullish streak to the upside, Friday's candle closed as a bearish engulfing taking out 4 days worth of prior bullish price action. This bearish engulfing candle also broke 1.3700 - a good sign of a reversal to the downside.
H4
A clear break of our H4 TL with a retest and rejection confluent with 61.8% fib level. We have an MA crossover to the downside as well as lower highs supporting our downtrend bias. H1 chart shows a break of our CTL as well as an MA crossover and bearish engulfing completing taking out 13 hours of consolidation.
Trade closed: stop reached