MONTHLY: price has been unable to breach the key area of resistance at 1.3400, the last time price closed above this area was over a year ago. Last month a shooting star was formed signalling a bearish bias.
WEEKLY: We have a clearer picture of the lower highs being formed since the beginning of 2016. A potential 3 pin pattern being formed suggesting that price may be on its way downwards.
DAILY: Price has consolidating for the last two weeks, however price has rejected 3 times off the 61.8 level on the fibonacci retracement. Fridays candle closed as a doji signalling indecision between buyers and sellers.
4HR: MA's crossed to the downside as well as an evening star being formed, signalling strong bearish bias.
WEEKLY: We have a clearer picture of the lower highs being formed since the beginning of 2016. A potential 3 pin pattern being formed suggesting that price may be on its way downwards.
DAILY: Price has consolidating for the last two weeks, however price has rejected 3 times off the 61.8 level on the fibonacci retracement. Fridays candle closed as a doji signalling indecision between buyers and sellers.
4HR: MA's crossed to the downside as well as an evening star being formed, signalling strong bearish bias.