after forming a bearish flag, the pair could BO downward. However, we could only go as low as 111.60 as we are near a strong zone (blue shade) and a long term TL (green thick line).
a long order can be placed after forming a double bottom at 111.10 and respecting lower TL.
the pair has been making lower highs since Sep 21st.
right now the pair is testing the lower TL as well as 1.3025
upon a successful retest, a heavy volume for big bearish candles are required for entering short.
targets at 1.2936, and 1.2809.
overall downward trend (yellow channel) now the question is whether the pair will go up to test the upper yellow TL or will descend after testing the median yellow dash line one criterion could be 1.1536, more criteria are to be discovered. www.tradingview.com
the pair has passed all the long term lower trendlines .
Now correcting itself, testing the most bottom lower T (magenta). it is reaching the middle dash line in descending channel . two possible scenarios:
1. bearish: testing magenta line at 1.1900, then down to 1.1560.
2. bullish: passess the magenta line, for yellow upper TL around 1.2160
1. Bearish: testing 147.90 and back to bottom of the thick magenta channel.
pressures of long term TL (magenta), resistance, smaller timeframe TL (purple).
2. Bullish: pass the resistance line. aiming 150.10
Price penetrated the median TL (in between two long term TL)
broke the median trend line and tested.
waiting for a clear push downward and then enter short.
or to be very safe; wait for a daily close down the line before entering the short.