1. The pair has broken and retested the uptrend at the end of April. This indicates a new downtrend and a potential reversal is in play.
2. Then, the pair found support on 1.76 and bounce upwards targeting resistance 1.7925 for a correction rally.
3. At 1.7925, the pair seems to found considerable resistance as it ran into a strong supply zone and printed multiple Pin Bar formation. This signal a potential downward continuation and confirm the formation of the new lower high.
4. In the previous week, the pair has descended and tested the 1.76 region before rebounded and stalled near the upside 1.77 region. The pair is likely to challenge the 1.76 region for a downside break in the coming weeks. A clear break and retest of 1.76 region (neckline of H&S) would confirm the H&S formation and thus expose the downside target at o.6775 & 0.66. In addition, the EMA has also squeeze together preparing for a bearish crossover. On the flipside, if 0.76 region held as support, the pair would potentially entered consolidation as it stuck between resistance 1.78 and support 1.76.
Bias
Long-term: Bearish
Short-term: Bearish
2. Then, the pair found support on 1.76 and bounce upwards targeting resistance 1.7925 for a correction rally.
3. At 1.7925, the pair seems to found considerable resistance as it ran into a strong supply zone and printed multiple Pin Bar formation. This signal a potential downward continuation and confirm the formation of the new lower high.
4. In the previous week, the pair has descended and tested the 1.76 region before rebounded and stalled near the upside 1.77 region. The pair is likely to challenge the 1.76 region for a downside break in the coming weeks. A clear break and retest of 1.76 region (neckline of H&S) would confirm the H&S formation and thus expose the downside target at o.6775 & 0.66. In addition, the EMA has also squeeze together preparing for a bearish crossover. On the flipside, if 0.76 region held as support, the pair would potentially entered consolidation as it stuck between resistance 1.78 and support 1.76.
Bias
Long-term: Bearish
Short-term: Bearish
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Didnt see the type