As it can be clearly illustrated from the graph, the price is ranging in a sideways moving rectangular box. After some consolidations, we would normally expect some serious impulsive moves.
Zooming out and analysing the higher timeframe charts (Daily, Weekly, Monthly), we can observe that the price is rejecting and forming a top at the previous Lower Low levels.
The price attempted to break the upper boundary of the box on the 30th of May, but failed to do so and dropped back in the range.
The technical perspective and the fundamental one (strength of the USD) give us enough confidence that the price is gonna continue dropping all the way down. We have set three Target Profit areas and will be looking to secure some profits along the way.
Happy trading, everyone!
Zooming out and analysing the higher timeframe charts (Daily, Weekly, Monthly), we can observe that the price is rejecting and forming a top at the previous Lower Low levels.
The price attempted to break the upper boundary of the box on the 30th of May, but failed to do so and dropped back in the range.
The technical perspective and the fundamental one (strength of the USD) give us enough confidence that the price is gonna continue dropping all the way down. We have set three Target Profit areas and will be looking to secure some profits along the way.
Happy trading, everyone!
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