As stated on the title this happens to be the most creative I've gotten with a chart, yet it covers one single but very important aspect which is Market Psychology. Market Psychology is key to understanding financial markets and we can see it unfold with this chart analysis. We can clearly see all the stages labeled out during the uptrend and what is now happening during the downtrend, and all these stages can be characterized by market psychology one way or another. I expect the pair to carry on with the downtrend all the way down to the 1.38xx - 1.39xx levels. The light blue colored zones are potential Demand zones. I know you shouldn't be using them as targets until they actually close in those areas, but there is evidence that makes me believe it will reach down to both of them.
Trade safe and implement your own due diligence before entering a trade.
Trade safe and implement your own due diligence before entering a trade.
Note
Could potentially go for one more small move up before coming downNote
a small update...the bias still remains bearish although I would reconsider my initial targetsNote
although it hit my stop initially the bias still remains bearish
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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.