If we were to look on the daily we have been respecting a downward trend since March so we have some bias to say the pair should drop further down. We have however found ourselves in a bit of a deciding point within the pair as we have on the lower 4hr timeframe a wedge of bullish and bearish trends.
If we break to the upside this will give us a good indication that price may be starting to make a move back in the dollars favour and we'll be looking for a buy position on the pair. If we break out bearish then we will look for a push out of this 4hr structure we see below and then we will get into our selling positions.
Best thing to do in these situations is to sit on your hands and let the market show us where price is going. If you pick a direction you may aswell flip a coin as there is no telling at the moment.
For more analysis or to get your trading journey started, drop me a message.
If we break to the upside this will give us a good indication that price may be starting to make a move back in the dollars favour and we'll be looking for a buy position on the pair. If we break out bearish then we will look for a push out of this 4hr structure we see below and then we will get into our selling positions.
Best thing to do in these situations is to sit on your hands and let the market show us where price is going. If you pick a direction you may aswell flip a coin as there is no telling at the moment.
For more analysis or to get your trading journey started, drop me a message.