An opportunity to short this pair after keeping an eye on it all day.
1) First, we have rejected a major resistance level at least 5 times
2) We have formed a head and shoulders pattern on the 1 hour as well as a double top on the 4 hour.
3) Price is forming lower highs and lows.
4) We have broken the counter trend line and are now in a range having formed a shooting star with some prior indecision candles.
5) We have a rejection of the 61.8 fib level from swing high to swing low as the trend line.
6) The distance from the head to the neckline is roughly the same as the range between key support at 0.9932 and major previous resistance which may act as new support at 0.9904.
We have a satisfactory amount of confluences on this trade indicating a downward move in the short term.
1) First, we have rejected a major resistance level at least 5 times
2) We have formed a head and shoulders pattern on the 1 hour as well as a double top on the 4 hour.
3) Price is forming lower highs and lows.
4) We have broken the counter trend line and are now in a range having formed a shooting star with some prior indecision candles.
5) We have a rejection of the 61.8 fib level from swing high to swing low as the trend line.
6) The distance from the head to the neckline is roughly the same as the range between key support at 0.9932 and major previous resistance which may act as new support at 0.9904.
We have a satisfactory amount of confluences on this trade indicating a downward move in the short term.
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