This pair is in a indecisive trend which could suggest the bulls are exhausted. We have been in an uptrend since 07/2013 with a peak in 12/2014. The mid price (50% fib) is 121.800. This is in confluence with AB=CD completion around 120.000
I see many confluences to the downside. A break and close above the Descending channel resistance will invalidate this idea unless it's a clear fake-out.
We are trading above the MA's atm however we have crossed over to the downside and it is the first day of the week so we could see a rally to the 50% Fib (DTL res) before tanking lower to make new lows.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.