In the longer term I can see this pair being bearish but for this week i believe it will be bullish.
Last time it dropped to the level around 2.0052 it showed a strong support rebounding up in to the 2.079 levels. Since then it has had a severe decline back to the previous level of around 2.0052.
Key indicators to help with this retracement is that it is oversold on the RSI on the 4H, Daily & Weekly time frames & the MACD indicator showing downward movement decreasing on the 4H time frame.
If this pair reaches levels of around 2.0463 then it will then decrease to levels of 1.9801 as highlighted but will not break the bottom of the daily channel.
Would greatly appreciated if you could comment your thoughts even if you disagree!
Last time it dropped to the level around 2.0052 it showed a strong support rebounding up in to the 2.079 levels. Since then it has had a severe decline back to the previous level of around 2.0052.
Key indicators to help with this retracement is that it is oversold on the RSI on the 4H, Daily & Weekly time frames & the MACD indicator showing downward movement decreasing on the 4H time frame.
If this pair reaches levels of around 2.0463 then it will then decrease to levels of 1.9801 as highlighted but will not break the bottom of the daily channel.
Would greatly appreciated if you could comment your thoughts even if you disagree!