After following this pair closely over this week I was looking for a break of the counter trend line when price was indecisive at the key level of 111.90. I would have needed a break of the counter trend line for me to be convinced this was a start of a reversal.
As price has continued to fall over the period of today and closed with a strong bearish weekly and daily candlestick I believe price is heading towards my purple zone of resistance ( 110.55). From there I would expect a retest of 111.90.
As price has continued to fall over the period of today and closed with a strong bearish weekly and daily candlestick I believe price is heading towards my purple zone of resistance ( 110.55). From there I would expect a retest of 111.90.