In the bigger picture in fact (weekly + monthly timeframes), we can clearly see that the pair had a first impulse to the upside followed by a big and extensive sideways correction. Said correction, which is still in formation, seems to have just completed it's "B" leg.
This is very important information for us, because from now on the downtrend will be our main direction. In other words we will only be looking for sell setups on this pair. It is still unclear if the aforementioned "ABC" primary correction will come in the shape of a running flat or, instead, a regular flat. Nonetheless, the downside will be our key direction, for the coming period. Updates on smaller timeframes will follow.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.