Update:
so glad in posted my weekend analysis of this pair as it has played out perfectly. I was expecting a reversal with a bounce on the upper yellow trend line which has proved to be relevant in the bigger timeframes. price was so weak we seen a reversal pattern straight away dropping price. perfectly retesting the pattern and drooping even further, creating an ABC correction within the double top pattern.
with a move like this it creates a lot of liquidity left over so after finally hitting some support we have seen a retrace back up more than likely catching the liquidity from the move down before seeing lower lows.
question is where does price start dropping again and I believe it will be around the closest yellow line sloping upwards if you were to look at this chart on the 4hr (Look at my previous upload) we did not see a bearish retest of this trend line, it played perfectly on the 1hr timeframe. but I think this could be a big swing move so looking for a test on the 4hr/ daily timeframes would be important.
as for price right now if you look at the RSI we are reaching over bought, so looking to come back to my blue line here (take it as a zone not an exact price level). before moving up aiming for this yellow resistance.
I would say this pair has the ability to drop below support or push above resistance at any moment so keep a tight SL on the long up to the yellow trend line and same with the short off of this resistance if we break either of those levels chances are bias is changing at least short/mid term.
so glad in posted my weekend analysis of this pair as it has played out perfectly. I was expecting a reversal with a bounce on the upper yellow trend line which has proved to be relevant in the bigger timeframes. price was so weak we seen a reversal pattern straight away dropping price. perfectly retesting the pattern and drooping even further, creating an ABC correction within the double top pattern.
with a move like this it creates a lot of liquidity left over so after finally hitting some support we have seen a retrace back up more than likely catching the liquidity from the move down before seeing lower lows.
question is where does price start dropping again and I believe it will be around the closest yellow line sloping upwards if you were to look at this chart on the 4hr (Look at my previous upload) we did not see a bearish retest of this trend line, it played perfectly on the 1hr timeframe. but I think this could be a big swing move so looking for a test on the 4hr/ daily timeframes would be important.
as for price right now if you look at the RSI we are reaching over bought, so looking to come back to my blue line here (take it as a zone not an exact price level). before moving up aiming for this yellow resistance.
I would say this pair has the ability to drop below support or push above resistance at any moment so keep a tight SL on the long up to the yellow trend line and same with the short off of this resistance if we break either of those levels chances are bias is changing at least short/mid term.
