Update:
Been looking at this pair for a couple weeks and I think we are looking quite bearish now, several confluences suggesting this as well. firstly looking at the perfect rejection off of this big box of resistance, we haven't managed to break that high for weeks and last week it was broke but no candle close above just a wick.
if you look at last weeks price action the move down after getting rejected was huge so a short seems to me like the perfect play here.
we also made lower highs on the weekly so failed to break last weeks high.
So waiting to test my small box just above price as resistance before moving to the downside. I would wait to see what price does at this level but if we get rejected on my closest box that is a carbon copy of last weeks price action only this time I think we look even weaker. again Monday could change everything so SL very tight if we break above Fridays high and the big resistance box with a confirmation candle I will be bullish. until then sticking with the bearish narrative.
Been looking at this pair for a couple weeks and I think we are looking quite bearish now, several confluences suggesting this as well. firstly looking at the perfect rejection off of this big box of resistance, we haven't managed to break that high for weeks and last week it was broke but no candle close above just a wick.
if you look at last weeks price action the move down after getting rejected was huge so a short seems to me like the perfect play here.
we also made lower highs on the weekly so failed to break last weeks high.
So waiting to test my small box just above price as resistance before moving to the downside. I would wait to see what price does at this level but if we get rejected on my closest box that is a carbon copy of last weeks price action only this time I think we look even weaker. again Monday could change everything so SL very tight if we break above Fridays high and the big resistance box with a confirmation candle I will be bullish. until then sticking with the bearish narrative.
