MONTHLY: The previous 2 months have been bearish candles, rejecting off the monthly area of resistance at 0.77500, before heading down. Last month closed as a strong bearish candle, closing below the weekly area of resistance at 0.7575.
WEEKLY: 3 weeks ago we had a strong bearish engulfing candle suggesting a move to the downside, since then we have had a further 2 candles which have closed as bearish candles as well, thus signalling that this pair is currently in a downtrend.
DAILY: 6 days ago we had a strong bearish maribozu candle formed, where price moved downwards by 110 pips in one day. We have also had a close below the monthly area of support at 0.7400 3 days ago. MA's to the downside all suggesting more bearish price action.
4HR: Break of Counter Trend Line and retest, we also had a bearish engulfing bar which engulfed the previous candles. MA's to the downside.
WEEKLY: 3 weeks ago we had a strong bearish engulfing candle suggesting a move to the downside, since then we have had a further 2 candles which have closed as bearish candles as well, thus signalling that this pair is currently in a downtrend.
DAILY: 6 days ago we had a strong bearish maribozu candle formed, where price moved downwards by 110 pips in one day. We have also had a close below the monthly area of support at 0.7400 3 days ago. MA's to the downside all suggesting more bearish price action.
4HR: Break of Counter Trend Line and retest, we also had a bearish engulfing bar which engulfed the previous candles. MA's to the downside.