We have seen the price decline on the pair for over a week. Although the price has tested the Swing Lows on Daily Time Frame and failed to continue below, the Shorter Time Frame.
Going down to 1 Hour, we see that the price has bounced back after testing the Higher Time Frame Support Levels. For majority, this might feel like there is a change in trend, I see that this is just a reaction to the obvious support zones visible on the chart. As the Price Bounced back, we see that it hasn't been able to crack the major bounce that came prior to the current one. In addition, the Price has seen a break below the visible Support Zones. This tells me that Price has maintained its behaviour a the lower levels while its failing to maintain the change in behavior at the the higher levels. This rejection of change in PA tells me that the pair is bound to fall back in trend at least till the lows are tested again.
My idea is that a short in the zone marked keeps us on the right side of the trend. My strategy will have moved me into position already looking at the current Price Action.
Lower Time Frames will be a good guide for Intraday Opportunities as well.
Going down to 1 Hour, we see that the price has bounced back after testing the Higher Time Frame Support Levels. For majority, this might feel like there is a change in trend, I see that this is just a reaction to the obvious support zones visible on the chart. As the Price Bounced back, we see that it hasn't been able to crack the major bounce that came prior to the current one. In addition, the Price has seen a break below the visible Support Zones. This tells me that Price has maintained its behaviour a the lower levels while its failing to maintain the change in behavior at the the higher levels. This rejection of change in PA tells me that the pair is bound to fall back in trend at least till the lows are tested again.
My idea is that a short in the zone marked keeps us on the right side of the trend. My strategy will have moved me into position already looking at the current Price Action.
Lower Time Frames will be a good guide for Intraday Opportunities as well.