I think this pair has more chance to go down because a clear Double Top pattern has been formed exactly at a supply zone. After that, price has broken below the 200 EMA, showing weakness in the recent bullish move.
From here, I’m looking at the possibility of a bearish continuation. My expectation is for price to drop towards the 1.94600 area, which aligns with the Fibonacci extension target.
This is just my personal view based on the pattern and 200 EMA break — let’s see how the market reacts in the coming sessions.
From here, I’m looking at the possibility of a bearish continuation. My expectation is for price to drop towards the 1.94600 area, which aligns with the Fibonacci extension target.
This is just my personal view based on the pattern and 200 EMA break — let’s see how the market reacts in the coming sessions.
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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.