skrimon
Active Member
Weekly: as it can be inferred from the Weekly-timeframe chart, the price has been shooting wick candles and failing to break above the major resistance highlighted on the graph. The ongoing Weekly candle is looking massively bearish, and if we get to have a such impulsive closure, then the price might be experiencing a further decline. The 50% Fibonacci retracement level aligning with the price mark of 1.08 might be the next potential region the bearish rally is leading us towards.
Daily: zooming into the Daily-TF chart, we might observe that the price has penetrated through the ascending trendline with success. This add up to the list of confluences backing our bearish bias.
16H / 8H / 4H: finally, levelling down to lower-timeframe graphs, we can plot a probable entry region and have eyes on it for SELL executions. The area of 1.1 combines two confluences: the 50% Fibonacci retracement level derived from the recent impulse and the descending trendline pictured on the chart that connects two previous tops.
On the fundamental front, we have to keep eyes on the economic news - US Core Inflation Rate and PPI MoM - due later today and tomorrow.
