A falling wedge has formed on the 4 hourly chart, typically this suggests a breakout out to the upside but has a poor success rate, thus remaining neutral until a breakout and a retest occurs. However I believe there is a strong bearish sentiment due the bounce off the long term channel.
Short term bias = Short
Medium term bias = Short
Long term bias = short
Awaiting the bounce off the inner trend line, confirmation from the convergence of the MA's and the printing of bearish candlesticks.
First target at approx 1.421 as -0.618 Fibonacci extension is confluent with a weekly support level.
EURUSD - long term short bias again. However rejected heavily of the long term channel on the 26th of January.
Awaiting a break, retest, then a continuation of this channel.
EURGBP long term short bias due to the consistent lower highs and lower lows it has printed over the last 6 years + it has printed.
My Key zones:
0.88
0.81
0.77
0.74
0.72
