Interesting Currency Pair
Price seems to be ranging - buyers and sellers are unsure of bias to take
Price looks set to hit the Inner Trend Line on the Daily - expected bounce if it is to happen
Price is also closing in on a Bearish Pennant formation - which would also hint at a continuation of the general downtrend that the currency pairing has been in since 2002
Stochastic indicator also used to find some confluence. Provides and overbought signal with price drop expected.
Key thing to remember. The price action has been minimal/uncertain for quite some time now - caution should be taken when trading the pair
Price seems to be ranging - buyers and sellers are unsure of bias to take
Price looks set to hit the Inner Trend Line on the Daily - expected bounce if it is to happen
Price is also closing in on a Bearish Pennant formation - which would also hint at a continuation of the general downtrend that the currency pairing has been in since 2002
Stochastic indicator also used to find some confluence. Provides and overbought signal with price drop expected.
Key thing to remember. The price action has been minimal/uncertain for quite some time now - caution should be taken when trading the pair