We saw a strong candle last month which rebounded off our EMAs. The overall formation was an rejecting 1.2800 and therefore giving us an overall downward bias.
We've seen some activity over the last few weeks. We've broken 1.2500 successfully and retested this area as well as our weekly EMAs.
Although last week we saw the formation of a , we've quickly rebounded back below our EMAs and seen momentum both yesterday and today.
A pullback into our preferred fib region with weekly resistance confluence gives us a good indication of further downside momentum. We are forming a series lower highs and have also broken our CTL. The EMAs have crossed to the downside in alignment with all of our TFs.The last 4 hour candle was also a a marubuzo.