In the past I have been long term bullish on this pair. However after last weeks weekly close it looks like price could follow its long term down trend and once again create new lower lows.
On the daily, price has broken a short term daily bullish trend, as price now trades below the previous higher low (coinciding with the blue line) this coincides with a supporting technical strength score of -3.
Zooming into the 4hr chart, as above, I have highlighted a potential short set-up on this pair if price was to pullback and retest the previous higher low level coinciding with a potential deep 61.8% fibonacci rejection and 50ema resistance. - I will then look for an entry on the 5minute and 1hour chart, looking for bearish candle confirmation.
On the daily, price has broken a short term daily bullish trend, as price now trades below the previous higher low (coinciding with the blue line) this coincides with a supporting technical strength score of -3.
Zooming into the 4hr chart, as above, I have highlighted a potential short set-up on this pair if price was to pullback and retest the previous higher low level coinciding with a potential deep 61.8% fibonacci rejection and 50ema resistance. - I will then look for an entry on the 5minute and 1hour chart, looking for bearish candle confirmation.