Price Action is presenting itself well on the higher timeframes as you can see we had a clear break of the ascending trendline which has previously held as strong support with multiple rejections/Buy pressure since Jan 2016.
After falling 300+ pips in December we found support at around 0.7200 level which then leads us into an exhaustion phase (Sellers Taking Profits) which has seen us climb back up to test and respect our trendline as resistance.
Most recent Weekly Candle closed below our trendline which also lined up nicely with 0.5% Fib and EMA. Lower Timeframes suggest signs of momentum/directional change to the downside. Waiting on Confirmation before entering.
After falling 300+ pips in December we found support at around 0.7200 level which then leads us into an exhaustion phase (Sellers Taking Profits) which has seen us climb back up to test and respect our trendline as resistance.
Most recent Weekly Candle closed below our trendline which also lined up nicely with 0.5% Fib and EMA. Lower Timeframes suggest signs of momentum/directional change to the downside. Waiting on Confirmation before entering.