On this pair you can see potential signs for downside momentum. This week close of candle we can see shooting star which was formed from rejection of resistance level 1.7080 on 2 separate occasion this week. A potential flag pattern could emerge this week or the next stay alert traders.
On the 4hr timeframe price still has some bearish momentum and is possibly looking to fulfill the next LL. The Moving average on the 4hr are still bearish and the 21 Moving average is in confluence with a red dotted resistance zone. I have placed a limit order on that line but I will monitor this pair throughout the course of next week.
1. Price is currently in uptrend on the 1hr timeframe
2. Price rejected just above the 0.786 fib level
3. Currently the MA has not crossed over but is likely to do so if the bulls keep up with the momentum.
Head and shoulder pattern. Price action broke the neckline and is currently retracing before it could make a continuation to the downside. Currently in the trade price could retrace all the way up to 38.2 or 0.5 before make a continuation to the downside.
This currency pairs has been on a downtrend since 2013. There are some good signs looking at the current market sentiment it looks like it will start moving along to the upside. The pair reached major support at 0.68252 which is a yearly key level if you look back at to 2003 all the way up until 2009 where it got broken for a retest.
As you can see on the blue...
If price declines below the Bullish trend line. Price action will most likely begin a reversal to the downside. Good short signal would be at 1308.05 which is below fib retracement 0.382. First TP is at 1287.23 just at 0.5 fib retracement and if price action continue to decline through the bearish breakout TP2 is 1266.40 which will hit key area 0.618. Any further...