MONTHlY: Price tested the monthly resistance at 124.00 the previous two months and could not violate this area of resistance, the MA's also suggest that the overall trend is downwards.
WEEKLY: On the weekly, we can see a clearer picture of price action, showing us that for 8 weeks price tested the 1.24 area without breaking this area of resistance, the last two weeks have been strong bearish candles showing us signs of exhaustion from the bulls. Last week a hanging man formation was formed further signalling a bearish bias.
DAILY: We can see lower highs forming as well as daily resistance at 121.200, MA's to the downside, as well as a shooting star two days ago which are all signs of bearish bias.
4HR: Break of CTL and the 10 am candle was a bearish engulfing candle.
WEEKLY: On the weekly, we can see a clearer picture of price action, showing us that for 8 weeks price tested the 1.24 area without breaking this area of resistance, the last two weeks have been strong bearish candles showing us signs of exhaustion from the bulls. Last week a hanging man formation was formed further signalling a bearish bias.
DAILY: We can see lower highs forming as well as daily resistance at 121.200, MA's to the downside, as well as a shooting star two days ago which are all signs of bearish bias.
4HR: Break of CTL and the 10 am candle was a bearish engulfing candle.