Reasons why on chart and labeled.
1. Price has anchored at 1H support line of structure
2. TDI band is over sold.
3. Price rise to area of resistence of structure
would coincide with .618 potential strong reversal point of fib.
4. .7030 region was last tested as resistence 5 times,
now potential to act as support, also same region as 4H support (blue).
- Price has formed a descending channel on the 4 hour chart at the support band of the daily structure
- Price is over sold on weekly TDI insinuating potential bullish price action soon.
- Wait for price to drop from 4H descending channel to touch the daily structure (orange) and wait for 15 minute reversal pattern to enter trade.
- Potential buy zone 109.4 - 108.8
- Price touching off upper trend of structure, also showing as over bought on the TDI indicator, 4H timeframe.
- Possible second leg of M forming on 15 minute time frame for 2nd leg entry
- Possible entry : .9990
- Possible TP: .9915
- 4H chart reflecting price has hit a supply zone, also confirmed by 4H TDI showing over bought market conditions as TDI touching upper volatility band.
- sell now between 110.0 & 109.8 until demand zone of approx 108.0
- Daily TDI showing over bought as price broke out of daily structure on February 1st.
- 4H ascending channel (blue) cause breakout of daily channel (orange), showing over bought on TDI.
- 1H also showing over bought on TDI.
- Price obver sold on 15 minute, may retrace before entry.
- Price still has room to rise on weekly before reversal.
- Daily TDI showing over bought market conditions potentially pending a reversal.
- 4H TDI showing over bought market condition which coincides with price just bouncing off upper trend line of ascending channel.
- Price has broken below monthly support line (green) down trending.
- Price is overbought on weekly TDI. Price is currently positioned at upper trend line of descending channel forming a lower high to continue its downtrend.
- Price is also showing as over sold on daily.
- 4 hour time frame showing price is currently formed an ascending channel to the lower...
almost forming a lower high on the daily on declining structure resistence, almost oversold on daily tdi, some hidden bearish divergence on daily too i think and if sells would form multi session W to reverse price
Entry: .98455 Area where possible first leg of double top reversal pattern happen, entry @ second leg
Over all market is ranging, Pair is on a slight down trend on daily chart, however 4 hour chart descending structure, price potentially forming double bottom reversal pattern at 4 hour support trend line.