GA Weekly Analysis

Weekly: The pair has tested the upper region at 1.79 for 2 consecutive weeks and printed Pin Bar candlestick with long upper tail. This signify that the upper momentum is fading and the selling pressure is getting stronger. The SMA is also getting narrower into a "squeeze", indicating that a strong move is coming. The pair is potentially in a new downtrend, which it has respected the trend line and will continue to challenge the next support at 1.76. If 1.76 is broken the H&S pattern would also complete, thus further pushing the price to 1.68. However, as the pair has printed a pin bar on 1.76 region, it might find some significant support there trying to push the price higher. The 1.76 region is the key level where the bears and bulls will fight to determine the direction of the trend. Watch for PA at that area for more confirmation.