Great time to short this pair for the following reasons:
1) Looking at the bigger picture first, we have rejected the 0.73500 level numerous times on the weekly chart, this area is holding as strong resistance and has caused a reversal in trend.
2) The weekly price has been forming lower highs and lows with a huge bearish engulfing candle 3 weeks ago. This was followed up by a bearish marubozu candle which broke our long term weekly trend line as well as key support.
3) On the daily chart , we've touched another area of support at 0.69780 and pulled back to restest weekly trend line as well as previous support now turned resistance.
5) This restest has formed a daily bearish shooting star with a nice long upper wick showing selling pressure, a good sign for reversal.
6) Both weekly and daily EMAs/MAs are in alignment.
7) On the 4 hour, we've broken our short term counter trend line and now expecting a move to 0.69800s.
I think we can go lower after breaking the target area all the way down to 0.66800s.
1) Looking at the bigger picture first, we have rejected the 0.73500 level numerous times on the weekly chart, this area is holding as strong resistance and has caused a reversal in trend.
2) The weekly price has been forming lower highs and lows with a huge bearish engulfing candle 3 weeks ago. This was followed up by a bearish marubozu candle which broke our long term weekly trend line as well as key support.
3) On the daily chart , we've touched another area of support at 0.69780 and pulled back to restest weekly trend line as well as previous support now turned resistance.
5) This restest has formed a daily bearish shooting star with a nice long upper wick showing selling pressure, a good sign for reversal.
6) Both weekly and daily EMAs/MAs are in alignment.
7) On the 4 hour, we've broken our short term counter trend line and now expecting a move to 0.69800s.
I think we can go lower after breaking the target area all the way down to 0.66800s.
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