Weeky: On the weekly the pair has tried to trade higher towards the key resistance 1.33 but failed to do so as it faced strong selling pressure as it reach the Dynamic Resistance EMA 50 and was rejected strongly. The weekly close ended up as a Doji candle sitting right below the EMA 21. If we look at the Fib level, we can found that the price has stalled multiple times at the 0.618 & 0.5 level, where it shows strong selling pressure. During the week we will likely see how it react once more on the Dynamic Resistance. More confirmation is needed in the Lower TF.
Daily: On the last trading day, a strong Bearish Engulfing candlestick formed and wipe out the gains from the previous two days. This indicates that the presence of seller is still strong in this pair as they are not letting it break above the top.
H4: Previously the pair seems to be contained within an ascending channel, though the last trading day has been extremely bearish. As of now, more confirmation is needed as the PA is in the middle of nowhere. The key region is how the PA will react to 1.313 level where it will meet the Dynamic Resistance.
