As we look at the higher time frames, Price is currently in an exhaustion phase as price is testing Fibonacci levels of 50%, 61.8%. on the weekly chart. As we move to the daily chart we see that price has printed a bearish engulfing bar representing bearish pressure coming off these Fibonacci levels. As we take a closer look we see that on the 4 HR chart price has struggled moving the the upside and printed a double top formation with a break of a bullish trend line. Looking for price to print a lower high before execution shorts on this pair. Confirmation for entry is needed whether that is a bearish engulfing bar or pin bar on a lower time frame after creating that lower high.
My analysis are for educational purposes. My post are not signals! Trade at your own risk. Happy trading!
My analysis are for educational purposes. My post are not signals! Trade at your own risk. Happy trading!