Keeping it as simple as possible with a clean chart and good explanation. Hope you will enjoy and profit.
Looking at the weekly and daily time frames, the price is making lower lows and lower highs which indicates a downtrend market structure which is why I am only looking for short opportunities on this pair.
After the 0.786 retracement price made a new low and came back to test the last lower low and was rejected.
A possible new target for this pair is the 0.618 extension level which matches with the monthly S&R level which is around 0.5775.
Also, see my 4-hour analysis of this pair for a more in-depth analysis.
Looking at the weekly and daily time frames, the price is making lower lows and lower highs which indicates a downtrend market structure which is why I am only looking for short opportunities on this pair.
After the 0.786 retracement price made a new low and came back to test the last lower low and was rejected.
A possible new target for this pair is the 0.618 extension level which matches with the monthly S&R level which is around 0.5775.
Also, see my 4-hour analysis of this pair for a more in-depth analysis.
