As you can see from the shaded area, this pair was strongly bullish in mid March,2020. The bulls were in control for 8 straight days, but they could not keep the momentum going and lost over 50% of the gains in the next 5 trading days. Since then price has been ranging and the range has been narrowing. Although a breakout either side is possible, I am of the opinion that a move to the downside will occur in the coming week of 18 May.
I am biased also because of my overall bearish view of the USD.
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As always, please use sound money and risk management in all your trades.
I am biased also because of my overall bearish view of the USD.
If you like my analysis, please give it a "thumbs up" and follow me to get instant notifications of my analysis.
As always, please use sound money and risk management in all your trades.