Here's a little FX chart ;)
Price is heading to weekly support turned resistance, it struggled to reach 1.59 indicating the momentum's dwindling.
After hitting T1 @ 1.57 we saw a sharp decline back under 1.55.
Price has now posted a Lower high, Lower Low situation.
If Price is rejected at 1.55 as expected this will be another Lower High and we will have a high probability of seeing a Lower Low. For this reason I'm targeting 1.5 given we get nice PA at the 1.55.
For added confluence the WEEKLY MA is near a crossover to the downside.
Daily is to the downside.
Strong fib levels at 1.55.
Thanks.
Happy Trading,
Chartster
Price is heading to weekly support turned resistance, it struggled to reach 1.59 indicating the momentum's dwindling.
After hitting T1 @ 1.57 we saw a sharp decline back under 1.55.
Price has now posted a Lower high, Lower Low situation.
If Price is rejected at 1.55 as expected this will be another Lower High and we will have a high probability of seeing a Lower Low. For this reason I'm targeting 1.5 given we get nice PA at the 1.55.
For added confluence the WEEKLY MA is near a crossover to the downside.
Daily is to the downside.
Strong fib levels at 1.55.
Thanks.
Happy Trading,
Chartster