Monthly
The last 3 months have shown us bearish price action, we saw an evening star formation, a powerful reversal indication after rejecting 0.7750.
Weekly
The last couple of weeks have been bearish and we also have MAs that are downward facing. There are also clear lower highs and lows. Last week we managed to close below 0.7400 and this week it seems price has tried to pull back above this level but is currently failing to do so.
Daily
Again, clear lower highs and lower lows on the daily time frame as well MAs crossed to the downside which is in alignment with our weekly outlook. On Monday of this week, we saw a daily shooting star candle indicating a reversal to the downside and a rejection of 0.7400. Yesterdays candle was a spinning top indicating some indecision but today it looks like we may close out as a bearish engulfing. Overall, this completes an evening star formation.
H4
Lower highs and lows on the four-hour time frame, we have MAs just recently crossed to the downside which is confluent with the weekly and daily MAs. Price has rejected the 50% fib level which is confluent with a four-hour area of previous support turned resistance. We also have broken our CTL with a bearish engulfing candle as well as violated our most recent swing low forming a new lower low.
The last 3 months have shown us bearish price action, we saw an evening star formation, a powerful reversal indication after rejecting 0.7750.
Weekly
The last couple of weeks have been bearish and we also have MAs that are downward facing. There are also clear lower highs and lows. Last week we managed to close below 0.7400 and this week it seems price has tried to pull back above this level but is currently failing to do so.
Daily
Again, clear lower highs and lower lows on the daily time frame as well MAs crossed to the downside which is in alignment with our weekly outlook. On Monday of this week, we saw a daily shooting star candle indicating a reversal to the downside and a rejection of 0.7400. Yesterdays candle was a spinning top indicating some indecision but today it looks like we may close out as a bearish engulfing. Overall, this completes an evening star formation.
H4
Lower highs and lows on the four-hour time frame, we have MAs just recently crossed to the downside which is confluent with the weekly and daily MAs. Price has rejected the 50% fib level which is confluent with a four-hour area of previous support turned resistance. We also have broken our CTL with a bearish engulfing candle as well as violated our most recent swing low forming a new lower low.