The pair is in its retracement phase on daily view.
As weekly is extremely bearish on this pair and daily shows multiple wick rejections. My bias remains downside potential.
Previous daily candles i.e. Doji to tweezer tops to pin bar infers that we are still in the strong bearish sentiment.
Stepping down to a lower time frame- 4H, we have dropped and close below trendline with MA Crossover. Will continue to wait until it breaks previous low, retest and continuation of the trade to 0.6700 which is the next support. The price is bouncing within the pennant and risk to reward 2:1
As pennants are a form of consolidation, therefore the width of the pennant is duplicated when price breakout.
Let us see how this plays out.
These are only my thoughts, please do your own analysis before executing entries.
Happy Pippin :)
As weekly is extremely bearish on this pair and daily shows multiple wick rejections. My bias remains downside potential.
Previous daily candles i.e. Doji to tweezer tops to pin bar infers that we are still in the strong bearish sentiment.
Stepping down to a lower time frame- 4H, we have dropped and close below trendline with MA Crossover. Will continue to wait until it breaks previous low, retest and continuation of the trade to 0.6700 which is the next support. The price is bouncing within the pennant and risk to reward 2:1
As pennants are a form of consolidation, therefore the width of the pennant is duplicated when price breakout.
Let us see how this plays out.
These are only my thoughts, please do your own analysis before executing entries.
Happy Pippin :)