Technical Analysis:
-4h has reversed twice off of the Monthly resistance we have
-4h candle has also closed below our trend line
-On the 1h you can see how nicely price broke through the trend line, it technically already retested it and dropped so we may not see it happen again.
-Purple zone is in confluence with fib levels and where we had price drop on the hourly before
-We have a market shift in momentum to the downside on the 1h
-Wait for price to get into the purple zone and print a reversal or exhaustion pattern before selling
** I would be careful with this since EURAUD looks to be dropping as well and selling both would be a little contradictory. But, it can 100% happen. **
-4h has reversed twice off of the Monthly resistance we have
-4h candle has also closed below our trend line
-On the 1h you can see how nicely price broke through the trend line, it technically already retested it and dropped so we may not see it happen again.
-Purple zone is in confluence with fib levels and where we had price drop on the hourly before
-We have a market shift in momentum to the downside on the 1h
-Wait for price to get into the purple zone and print a reversal or exhaustion pattern before selling
** I would be careful with this since EURAUD looks to be dropping as well and selling both would be a little contradictory. But, it can 100% happen. **