From our analysis of this pair in the previous weeks, we saw a good amount of bearishness.
With the close of last week, this pair witnessed a bullish reversal on the 1 hour and 4 hour timeframes, invalidating our bearish zones and PBs and going all the way into the north.
Today, we are beginning to see another round of bearishness. On the 1-hour, the market has already reversed bearish with the breach of our bullish PB.
We are setting up for a short trade position, and we will look to take it when we get the needed retracement.
With the close of last week, this pair witnessed a bullish reversal on the 1 hour and 4 hour timeframes, invalidating our bearish zones and PBs and going all the way into the north.
Today, we are beginning to see another round of bearishness. On the 1-hour, the market has already reversed bearish with the breach of our bullish PB.
We are setting up for a short trade position, and we will look to take it when we get the needed retracement.
Trade active
On the 4 hour chart, the market is in a bullish PB. We can currently see prices pulling back bearish. It is expected that price is heading for our refined zone of the 4 hour chart. From there, we would expect to see some bullish reversal, if the 4 hour setup is to hold.
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Related publications
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.