WEEKLY: Price failed to close above 61.8 fib level which lines up with the 1.88 resistance from the 4 hour timeframe. Price had a bearish engulfing rejection of the 61.8 fib level and the EMAS engulfing 3 weeks of price action.
DAILY: Price formed many shooting stars, all rejecting 61.8 fib level and the 1.88 resistance. Price formed kind of a shooting star bearish engulfing mix candlestick which closed below both EMAS. Price is now treating EMAS as dynamic resistance and of course the EMAS are now crossed over.
If price breaks through 1.175 we are looking at 1.169 and then the W/S of 1.162. If not we could see 1.88 again as then the market may be ranging.
DAILY: Price formed many shooting stars, all rejecting 61.8 fib level and the 1.88 resistance. Price formed kind of a shooting star bearish engulfing mix candlestick which closed below both EMAS. Price is now treating EMAS as dynamic resistance and of course the EMAS are now crossed over.
If price breaks through 1.175 we are looking at 1.169 and then the W/S of 1.162. If not we could see 1.88 again as then the market may be ranging.