As we look at the higher time frames, Price is currently in an exhaustion phase as price is testing Fibonacci levels of 50%, 61.8%. on the weekly chart. As we move to the daily chart
we see that price has printed a bearish engulfing
bar representing bearish
pressure coming off these Fibonacci levels. As we take a closer look we see that on the 4 HR
chart price has struggled moving the the upside and printed a double top
formation with a break of a bullish trend line
. Looking for price to print a lower high before execution shorts on this pair. Confirmation for entry is needed whether that is a bearish engulfing
bar or pin bar
on a lower time frame after creating that lower high.
My analysis are for educational purposes. My post are not signals! Trade at your own risk. Happy trading!