H4 - Bullish trend pattern followed by double wave correction.
Bullish hidden divergence, most recent downtrend line breakout.
Expecting the price to continue higher further until the strong support zone holds.
At bottom of consolidation,
Target: 31; reward:risk=6:1
Earning 10/29/2020 4 PM
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The market is in an overall Downtrend.
Let's begin the Multiple Timeframe Analysis with the Weekly.
Before we start analysing this pair, here is an important lesson for everyone who's reading that:
You probably often heard or read in trading lessons, that you shouldn't draw many things into your charts.
But the truth is, that many of them...
The pair is in a bullish trend in daily and weekly chart, anyway it has reached an important resistance during last week (around 0.927) which has hold since 2009. I think price can push down until at least 0.88 in coming weeks. The first target is 0.9085 which can be hit in 1-3 days. The volumes are not so high, it means that smart money has already entered in the...
There is no sign of waning selling pressure yet and lower high/lower low structure has been established.
Bounce back is weak after the selloff.
Mostly likely scenario is for the price to come back down to the demand zone first.
Then, we go through a period of consolidation before the price takes off again.
D1 - Potential double wave down.
Price still has room lower towards the 61.8%(122.479) Fibonacci expansion level of the first wave.
Currently, there are no signs of trend change.
H4 - Bearish trend pattern followed by double wave correction.
Bearish divergence, most recent uptrend line breakout.
Expecting further continuation lower in the short term.