In this pair, there’s currently a good opportunity to open a short position.
Looking at the weekly and daily timeframes, the price reached the 0.54518 area and started to reverse.
On top of that, it seems to be forming a triangle on these timeframes, which could suggest the price may continue to drop. This idea is confirmed by the indicators I usually use: a 45-period exponential moving average, two simple moving averages of 70 and 95 periods, and the Parabolic SAR.
On the 1-hour timeframe, there’s also a descending continuation triangle forming, backed by the same indicators.
That said, it’s worth keeping in mind that, despite this technical analysis, it’s important to stay on top of news, economic data, and other factors that could affect this pair, since this analysis is based purely on technicals.
The short position tool shown on the chart is just an extra aid to help decide on the entry.
Looking at the weekly and daily timeframes, the price reached the 0.54518 area and started to reverse.
On top of that, it seems to be forming a triangle on these timeframes, which could suggest the price may continue to drop. This idea is confirmed by the indicators I usually use: a 45-period exponential moving average, two simple moving averages of 70 and 95 periods, and the Parabolic SAR.
On the 1-hour timeframe, there’s also a descending continuation triangle forming, backed by the same indicators.
That said, it’s worth keeping in mind that, despite this technical analysis, it’s important to stay on top of news, economic data, and other factors that could affect this pair, since this analysis is based purely on technicals.
The short position tool shown on the chart is just an extra aid to help decide on the entry.
Disclaimer
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.
Disclaimer
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.