Saw this on Instagram and had to come on TradingView to analyse
clean double top at R3 followed by a nice descending channel down, the slow trending move down tells me bears are in control of this market.
on lower time frame we have seen price action indicative of a further breakdown of price around r1
i have entered short at 72.87.. support around 72.4 is my only real worry as i can currently see possible long set up on the pair at this consolidation zone. So far the bulls have been capped by the resistance and trend line which is good for this trade but trendlines often fail.
if we can break below 72.4 we should be safely short down to my first target
clean double top at R3 followed by a nice descending channel down, the slow trending move down tells me bears are in control of this market.
on lower time frame we have seen price action indicative of a further breakdown of price around r1
i have entered short at 72.87.. support around 72.4 is my only real worry as i can currently see possible long set up on the pair at this consolidation zone. So far the bulls have been capped by the resistance and trend line which is good for this trade but trendlines often fail.
if we can break below 72.4 we should be safely short down to my first target
