As this month nears the close, we can clearly observe downward momentum. Last month was very and as our EMAs converge closer together, this month's candle has sustained below both EMAs signalling further downside momentum.
Last week we rejected 0.7575 forming a pullback after the previous weeks of momentum. This week I hope to see continued downside momentum past this key area of support. EMAs are also downward facing.
Clear lower highs and lower lower lows supporting a downtrend bias. EMAs are also facing downward in alignment with the weekly chart. Price yesterday closed as a shooting start rejected both EMAs.
Again, lower highs and lows on our main swing points on this TF. Price has pulled back into our preferred fib region and rejected it twice. We have no broken our CTL as well as had an cross the downside all in alignment with daily and weekly. The most recent candle is also a .