Sentiment: Bearish
Outlook: Look for sells into demand area going into Q2 and potentially heading towards Fib Extension area. Be careful as there could be volatility/rejection in the demand area.
- On 8H, Daily and Weekly, we can see a clear head and shoulders. March seems to be giving the final leg of the right shoulder.
- Looking from the start of year, we had a bearish impulse followed by retracement. Retracement hit 61.8 fib a rejected perfectly into another bearish leg (finishing right shoulder of H&S pattern mentioned) previously
- There is a Weekly demand zone we look to be heading to on March's bearish leg between 1.075 to 1.065 area.
- Currently breaking a S/R area with strong bearish pressure in direction of demand
Outlook: Look for sells into demand area going into Q2 and potentially heading towards Fib Extension area. Be careful as there could be volatility/rejection in the demand area.