Recent price action: Bearish
Pattern: Break of trend support
Long-term momentum: *Bearish
Short-term momentum: Bearish
Bias: Long
Action: Do not trade until price identifies further momentum. Could see further movement to the downside, or price may reverse at its current level. Everything depends on where the daily candle closes.
Comments: News of a trade war killed this pair. Next 7-10 days should be interesting. A complete shift in momentum would be warranted once price breaks below daily support. Could also be forming a head and shoulders pattern.
Pattern: Break of trend support
Long-term momentum: *Bearish
Short-term momentum: Bearish
Bias: Long
Action: Do not trade until price identifies further momentum. Could see further movement to the downside, or price may reverse at its current level. Everything depends on where the daily candle closes.
Comments: News of a trade war killed this pair. Next 7-10 days should be interesting. A complete shift in momentum would be warranted once price breaks below daily support. Could also be forming a head and shoulders pattern.