Weekly: The pair has just previously broke out of an uptrend. The pair has formed new low as it found support on key level 1.7600. The pair has previously printed a Pin Bar and subsequently printed another bullish candlestick signifying there is more bullish move left. To confirm the downtrend, the pair has to found resistance at key level 1.7900 and form a new lower high. The pair is also possibly forming the right shoulder of the H&S formation, which indicates that the bulls are losing powers and the bears will take in control of the market. However, more confirmation on how the price react to key level 1.7900-1.7950 is needed to confirm the assumption. The pair is expected to continue its corrective rally to 1.79 region before it continues its downtrend.
Bias
Long-term: Short
Short-term: Long
Bias
Long-term: Short
Short-term: Long
