EG Thesis
- Monthly: Last month candle closed as a shooting star signalling bearish momentum could follow in February. Past 6 month candles have all been bearish telling us EG has no intentions of slowing down in the long term.
- Weekly: There has been a series of lower highs signalling a lot of sell pressure long-term. Last week candle formed a long wick to the downside after rejection off 0.8485 resistance showing sellers want to push EG lower.
- Daily: A bearish start to the week EG has found new lows after break below 0.8447 daily order block. I do now expect price to pullback into order block for a retest which is our next possible target.
- 15min: On the 15min market structure has been broken to the upside taking out possible sell stop losses. Would now like to see price retrace into 0.8388 30min order block which is in confluence with 62% OTE Fib before a possible bullish rally.
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