The gradual depreciation seen during the last ten days has been a test for
Bulls. Are there any signs that this slide will come to an halt?
As of now on the daily timeframe, trend is bearish and price did retest the
Cloud after it broke below it and has since moved lower. We also see how
the 61,8 fib at 1.38 is an important resistance level that any bounce from
here will have to deal with. Bulls would like to see a strong green candle
and a move up above the 1.38 level, to shake off this bearish sentiment.
We do see price bounce off the first dotted red line at the 1.00 handle, but
yet failed to close above the Weekly S1 on H4 timeframe (chart to the right)
On the H4 timeframe we do see some Bullish Divergence and a MACD
cross that is brewing. Perhaps this will spark some life in the pair. On H4 we
also see the Cloud resistance currently around 1.25. Bulls would initially like
to see price H4 close above S1 at 1.15 and also break the pattern of lower
highs and lower lows, which would mean a taking out of the high from Jan 28
at 1.39. A move below 1.00 handle will shift direct focus to the Jan 17 low at 0.87.
Bulls. Are there any signs that this slide will come to an halt?
As of now on the daily timeframe, trend is bearish and price did retest the
Cloud after it broke below it and has since moved lower. We also see how
the 61,8 fib at 1.38 is an important resistance level that any bounce from
here will have to deal with. Bulls would like to see a strong green candle
and a move up above the 1.38 level, to shake off this bearish sentiment.
We do see price bounce off the first dotted red line at the 1.00 handle, but
yet failed to close above the Weekly S1 on H4 timeframe (chart to the right)
On the H4 timeframe we do see some Bullish Divergence and a MACD
cross that is brewing. Perhaps this will spark some life in the pair. On H4 we
also see the Cloud resistance currently around 1.25. Bulls would initially like
to see price H4 close above S1 at 1.15 and also break the pattern of lower
highs and lower lows, which would mean a taking out of the high from Jan 28
at 1.39. A move below 1.00 handle will shift direct focus to the Jan 17 low at 0.87.