MONTHLY: Last month closed as a strong bullish bar, however was unable to break the weekly resistance barrier at 1.3700, testing this region before pulling back. This current month we have seen of 1.37930, however we have seen that price has been unable to sustain these highs, with price currently pulling back 80 pips on this pair at 1.37130.
WEEKLY: Last week a shooting star was formed, suggesting a move to the downside, as highs could not be sustained, with an eventual closed below the weekly area of resistance.
DAILY: We have seen 7 days of price action now where price has stalled around 1.3700 region suggesting that the bulls are now exhausting, which in turn is good for short opportunity. We saw a bearish maribozu 5 days ago engulfing the previous 4 days worth of price action, then yesterday we saw another bearish engulfing bar taking out the prior two days worth of price action.
4HR: We can see that price has rejected off the 61.8% level on the fibonacci 4 times being unable to close above this area. We also have an MA cross to the downside.
2HR: We have a bearish engulfing bar taking out the previous 4 hours worth of price action. MA's to the downside.
WEEKLY: Last week a shooting star was formed, suggesting a move to the downside, as highs could not be sustained, with an eventual closed below the weekly area of resistance.
DAILY: We have seen 7 days of price action now where price has stalled around 1.3700 region suggesting that the bulls are now exhausting, which in turn is good for short opportunity. We saw a bearish maribozu 5 days ago engulfing the previous 4 days worth of price action, then yesterday we saw another bearish engulfing bar taking out the prior two days worth of price action.
4HR: We can see that price has rejected off the 61.8% level on the fibonacci 4 times being unable to close above this area. We also have an MA cross to the downside.
2HR: We have a bearish engulfing bar taking out the previous 4 hours worth of price action. MA's to the downside.