Since 2015 this pair has been on a counter trend bullish run on the monthly timeframe. However, time and time again has come up short at the 1.59 region
The pair seems to have built a fair amount of consolidation from which we could potentially expect to see the D extension on the monthly fib fulfilled.
Tomorrow's weekly close will tell us pretty much what we can start to expect from this pair; further upside or potential lower swing high.
Based on the daily time frame if price action can hold below 1.55 I would be in favour of a more bearish bias. Just be mindful that it is still risky given momentum is still bullish at this point.
If price action can close the next 8hr candle below 1.539, I would be expecting a retracement to at lease the supportive bullish trendline for either a break or bounce at this region. Candle closure will have to hold enough momentum and strength behind it to sustain the new lows with 1.508 being the first target. Any indecision at 1.539 could lead to market support and new highs being achieved
The pair seems to have built a fair amount of consolidation from which we could potentially expect to see the D extension on the monthly fib fulfilled.
Tomorrow's weekly close will tell us pretty much what we can start to expect from this pair; further upside or potential lower swing high.
Based on the daily time frame if price action can hold below 1.55 I would be in favour of a more bearish bias. Just be mindful that it is still risky given momentum is still bullish at this point.
If price action can close the next 8hr candle below 1.539, I would be expecting a retracement to at lease the supportive bullish trendline for either a break or bounce at this region. Candle closure will have to hold enough momentum and strength behind it to sustain the new lows with 1.508 being the first target. Any indecision at 1.539 could lead to market support and new highs being achieved