Here we have an ascending channel and we have finally had 3 touches of the upper trend line (blue circles) suggesting a move towards the downside. We have also broken another trend line that has been respected.
Market structure has also changed as price has now created a lower low marked by the red circle.
Price is now currently retesting this broken trend line and in the form of a corrective structure (a small ascending channel) a bearish flag, before the continuation to the downside.
Price is currently rejecting important Fib levels.
This will create a head and shoulders, which indicates more sellers are present in the market than buys.
Let me know your thoughts and any other ideas you have for this pair.
Thanks
Nath
Market structure has also changed as price has now created a lower low marked by the red circle.
Price is now currently retesting this broken trend line and in the form of a corrective structure (a small ascending channel) a bearish flag, before the continuation to the downside.
Price is currently rejecting important Fib levels.
This will create a head and shoulders, which indicates more sellers are present in the market than buys.
Let me know your thoughts and any other ideas you have for this pair.
Thanks
Nath