Good Day Traders!
The pair failed to break above the Major Resistance area and has been on a range on the Daily TF.
It is currently trading on a downward channel hence we are entering a SHORT position with TP on nearest support
Lower TF RSI also indicates a downtrend.
A break of the 50 & 200 EMA, we can expect price to continuously drop to the Demand area before bouncing back up again
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The pair failed to break above the Major Resistance area and has been on a range on the Daily TF.
It is currently trading on a downward channel hence we are entering a SHORT position with TP on nearest support
Lower TF RSI also indicates a downtrend.
A break of the 50 & 200 EMA, we can expect price to continuously drop to the Demand area before bouncing back up again
If you like this analysis, please support with your likes/comments and Follow me for future trend updates
Thank you!