PLEASE SEE MY REASONING BELOW (2 POTENTIAL PLAYS):
1.PAIR BROKE OUT UNDERNEATH STRONG CHANNEL CONFIRMING BEARISH MOMENTUM
-CHANNEL WAS FORMED ON ABOUT 5/30 AND HAS BEEN HOLDING BUT HAS FAILED ON 7/21
-PAIR IS BEARISH IF LOOKED AT ON 4HR AND DAILY TIME FRAMES MAINLY BECAUSE OF USD NOT BEING ABLE TO BOUNCE BACK AFTER TRUMP
2(A) PLAY 1, RE-TEST ON LOWER CHANNEL LINE AND FAILURE CONFIRMING SHORT PLAY
-WE DO HAVE A DOWNWARD TREND LINE HOLDING FROM 7/14 THAT WOULD MAKE NICE CONFLUENCE WITH A RE-TEST AND FAILURE
-HOWEVER WE DO NOT HAVE ANY FIB SUPPORTING THIS, NOR DO WE HAVE RSI/STOCH CONFIRMING THIS AS IT IS CURRENTLY OVERSOLD, THUS LEADING TO MY SECOND PLAY OPTION
2(B) PLAY 2, THE MORE LIKELY PLAY
-PRICE WILL COME BACK TO 61.8 FIB LEVELS WHICH ALSO MATCHES UP WITH A STRONG RESISTANCE LEVEL LEADING TO A SHORT PLAY
-ALSO, WE WILL HOPEFULLY HAVE RSI/STOCH LEVELS SHOWING OVERBOUGHT HERE FUTHER MORE CONFIRMING SHORT PLAYS
-STOPS WILL BE PLACED ABOVE THE TOP CHANNEL LINE
1.PAIR BROKE OUT UNDERNEATH STRONG CHANNEL CONFIRMING BEARISH MOMENTUM
-CHANNEL WAS FORMED ON ABOUT 5/30 AND HAS BEEN HOLDING BUT HAS FAILED ON 7/21
-PAIR IS BEARISH IF LOOKED AT ON 4HR AND DAILY TIME FRAMES MAINLY BECAUSE OF USD NOT BEING ABLE TO BOUNCE BACK AFTER TRUMP
2(A) PLAY 1, RE-TEST ON LOWER CHANNEL LINE AND FAILURE CONFIRMING SHORT PLAY
-WE DO HAVE A DOWNWARD TREND LINE HOLDING FROM 7/14 THAT WOULD MAKE NICE CONFLUENCE WITH A RE-TEST AND FAILURE
-HOWEVER WE DO NOT HAVE ANY FIB SUPPORTING THIS, NOR DO WE HAVE RSI/STOCH CONFIRMING THIS AS IT IS CURRENTLY OVERSOLD, THUS LEADING TO MY SECOND PLAY OPTION
2(B) PLAY 2, THE MORE LIKELY PLAY
-PRICE WILL COME BACK TO 61.8 FIB LEVELS WHICH ALSO MATCHES UP WITH A STRONG RESISTANCE LEVEL LEADING TO A SHORT PLAY
-ALSO, WE WILL HOPEFULLY HAVE RSI/STOCH LEVELS SHOWING OVERBOUGHT HERE FUTHER MORE CONFIRMING SHORT PLAYS
-STOPS WILL BE PLACED ABOVE THE TOP CHANNEL LINE