- Structure: Downward
- Daily Currency strength: 65%
- Expectation: Short
- P.Action: Shooting stars
It seems likely that the long-term bullish trend is over. A long-term price chart of this currency pair shows that the recent highs around 1.1400 have been long-term consolidative highs, so technically, a move downwards from here after a failure to rise higher was natural.
I have more faith in a bearish move due to prevailing market sentiment, so I will take a bearish bias here if we get two consecutive hourly closes later below the support level at 1.1222.
- Daily Currency strength: 65%
- Expectation: Short
- P.Action: Shooting stars
It seems likely that the long-term bullish trend is over. A long-term price chart of this currency pair shows that the recent highs around 1.1400 have been long-term consolidative highs, so technically, a move downwards from here after a failure to rise higher was natural.
I have more faith in a bearish move due to prevailing market sentiment, so I will take a bearish bias here if we get two consecutive hourly closes later below the support level at 1.1222.