Monthly:Clear downtrend, despite a bullish month last month, as we come towards the end of this month we can see clear bearish momentum developing once more as price fails to break the 1.2800 monthly key level successfully.
Weekly: Red still below Blue despite them being extremely close together. 3 Clear rejections off the 1.2800 level, indicating price cannot break through this key level.
Daily: 2 days ago we dropped almost 100 pips to the downside, and additionally this candle completed the three pin formation to the downside. Ma's close to crossing back to the downside which would further signal bearish price action.
4HR: Counter trend line broken, MA's pointing towards the downside. Bearish engulfing bar taking out the previous 3 candles.
Weekly: Red still below Blue despite them being extremely close together. 3 Clear rejections off the 1.2800 level, indicating price cannot break through this key level.
Daily: 2 days ago we dropped almost 100 pips to the downside, and additionally this candle completed the three pin formation to the downside. Ma's close to crossing back to the downside which would further signal bearish price action.
4HR: Counter trend line broken, MA's pointing towards the downside. Bearish engulfing bar taking out the previous 3 candles.