Zooming out on the weekly for this pair, it has rallied for some time with little pullbacks. After price pierced above 0.74600, last weeks candle short lived this by forming a bearish engulfing candle and failing to maintain price above this level.
Heading into the above 4 hour time frame, bearish structure looks to be forming as price has been putting in play consecutive lower highs which has led to a break of bullish structure and a break below the ascending trend line which has also been retested, forming a strong bearish candle.
The US dollar scores very strong on this weeks technical strength score, and I strongly favour some bearish price action on this pair. My downside targets on this pair coincide with the previous higher lows of 0.73347 and further to 0.72607.
Heading into the above 4 hour time frame, bearish structure looks to be forming as price has been putting in play consecutive lower highs which has led to a break of bullish structure and a break below the ascending trend line which has also been retested, forming a strong bearish candle.
The US dollar scores very strong on this weeks technical strength score, and I strongly favour some bearish price action on this pair. My downside targets on this pair coincide with the previous higher lows of 0.73347 and further to 0.72607.