Daily: The pair has challenge the resistance at 1.33 but failed to break above it. The pair then faced strong selling pressure that printed a bearish marubozu, eliminating the gains of the week. This indicates there is strong bearish momentum and is a sign of trend reversal.
H4: The pair has broken the uptrend with strong bearish pattern, a 3 black crow. The pair should continue the drop until the support area at 1.305 region which coincide with the 0.5 fib level, then if a rejection is shown there the pair could retest the upside at 1.3175 before continue to drop another leg towards 1.29. Alternatively, the pair could ignore the support at 1.305 and drop further down towards 1.30 and beyond.
