This pair has experienced several symmetrical triangle breakouts to the downside.
Here is a potential breakout to the downside. Price has been rejected at the 50 SMA (turquoise line) and also tested the 78.6% (1.3599) Fib extension level 3x. This has created a good resistance level where short positions could be filled.
I am still expecting a small rally so I have an order @1.1400 just in case.
ABCD fib targets should act as support then resistance levels!
RSI showing signs of bearish divergence
STOCH is downtrending and still room for a decent drop!
Here is a potential breakout to the downside. Price has been rejected at the 50 SMA (turquoise line) and also tested the 78.6% (1.3599) Fib extension level 3x. This has created a good resistance level where short positions could be filled.
I am still expecting a small rally so I have an order @1.1400 just in case.
ABCD fib targets should act as support then resistance levels!
RSI showing signs of bearish divergence
STOCH is downtrending and still room for a decent drop!
