I've been watching this pair for the past week and have met an opportunity to short for the following reasons:
1) We are held up in a range from a strong downtrend on the weekly chart.
2) We are within a symmetrical triangle formation.
3) On the daily chart, we've rejected our upper trend line with a shooting star and formed a bearish engulfing candle.
4) On the 4 hour chart, we've broken the trend line, broken a key support zone which has now retested as resistance and formed 2 doji candles showing indecision.
5) We have MA/EMA crossover to the downside.
1) We are held up in a range from a strong downtrend on the weekly chart.
2) We are within a symmetrical triangle formation.
3) On the daily chart, we've rejected our upper trend line with a shooting star and formed a bearish engulfing candle.
4) On the 4 hour chart, we've broken the trend line, broken a key support zone which has now retested as resistance and formed 2 doji candles showing indecision.
5) We have MA/EMA crossover to the downside.
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