Mandeep.Singh

Mandeep.Singh Updated 

Price is bouncing between a downward parallel channel forming lower highs and lower lows. The most recent bounce of resistance formed a shooting star candle followed by some bearish candles. On the 1 hour chart, there are at least 4 bearish engulfing candles which confirms the downward move. Stochastic indicator is also in a steep downfall on the 4 hour chart.

Mandeep.Singh Updated 

Selling pressure seems to be running out as this pair his hit a key support line and formed a long legged doji right on it. There is also a hammer on the previous low indicating that price may reverse. Furthermore, the first higher high has formed after a long downtrend.