3 straight weeks of consolidation, never clearly breaking below key level 110.00. Bias still the same; We get a strong bullish close back above 110.00, we can set targets at 112.00...
Until we break the last LH in this downtrend on the Daily TF, we are in a sellers market...
* M.A's bullish on the Daily along w/ sellers exhaustion at Weekly support * 8 hour M.A breaker along w/ Morning Star off Weekly support * 61.8% retrace + 3rd TL bounce
* Weekly buyers exhaustion combined w/ Daily TF rejection from 1.3250 resistance * M.A's bearish on all major execution TF's * Nice bearish ABCD pattern aligning w/ Weekly support 1.3100 * M30 CTL break & retest
* M.A's up on the Daily w/ major sellers exhaustion at Daily support * H4 Tweezer Bottoms off Daily support * H1 Inverse Head & Shoulders along w/ Morning Star off Daily Support * H1 M.A breaker & cross to the upside * M30 ABCD pattern w/ the -61.8% D extension aligning w/ Daily resistance
Clearly bearish as indicated by the M.A's and bearish marubozu/ shooting star from last week, closing below 1.7500. This break could be huge as it gives us a 75% chance of achieving 1.7250 and lower.
Very sensitive area at 114.00 bounce again w/ a double top + bearish engulfing. Sellers in control for the moment. M.A's still bullish on weekly, early indication on the daily w/ them nearing each other last week. Thinking we can see 110.00 but lets focus on clearing 112.00 first. Eyes pealed for a nice ABCD pattern that could take us right to 112.00.
Chart speaks for itself. Says a lot we weren't able to reach 1.1175 support even w/ a 75% chance. M.A's still bearish and we did manage a new L.L. Buyer's in control for the week ahead even if it's just to make a new L.H. Weekly engulfing could lead to nice bullish ABCD pattern in the coming week.
Weekly M.A's still crossed bearish, last week ending w/ a ton of buyers exhaustion. Daily M.A's currently touching, 3rd trend line touch w/ a bearish engulfing to confirm the LH. Also, we get a M.A breaker w/ that bearish engulfing print on the Daily. Looking to take this pair to Daily support.