Two different scenarios in this pair.
A) The pair reacted perfectly to the trendline in place since the 17th of April. Yesterday it made a engulfing bearish candle right into support. If the lows of yesterday are broken it will be an indication to go short. At the moment a very normal pull back is happening
B) If we look at the 4H chart we can see a somehow inverse H&S. The retracement to the trendline was perfect yes, but it was maybe a bit too deep and a bit too clean. This might be a sign of strength. If the trendline is broken I might consider going long. This view is also weakly supported by the 4H RSI that seems to be gaining a bit of strength as see on the picture below
A) The pair reacted perfectly to the trendline in place since the 17th of April. Yesterday it made a engulfing bearish candle right into support. If the lows of yesterday are broken it will be an indication to go short. At the moment a very normal pull back is happening
Yorum:
Bearish scenario occured. Perfect retest of the trendline and price heading lower