Originally on this pair I favoured a bullish run after price formed a doji on the weekly support of 1.6300's However this was suddenly cut as this weeks candle closed as a very bearish doji, indicating we are due a further leg down.
On the above daily, I can see consecutive lower highs forming with price looking to put in place a 4th lower high after sharply rejecting the 50ema. Personally I won't be entering a position on this pair as I have missed my preferred entry and I don't want to chase price!
However my bias remains firmly bearish and I believe price will fall to hit 1.59061 and even further to create new lows.
On the above daily, I can see consecutive lower highs forming with price looking to put in place a 4th lower high after sharply rejecting the 50ema. Personally I won't be entering a position on this pair as I have missed my preferred entry and I don't want to chase price!
However my bias remains firmly bearish and I believe price will fall to hit 1.59061 and even further to create new lows.