Potential for a short trade of the pair
Price was in a strong downtrend until earlier this week when news events pushed price back up.
However, as the Fibonacci demonstrates on the 4 hour, price began to resist at the 61% level and looks like it is resuming the downtrend movement
Price is now at an area of weekly support & resistance so watch for a break, retest and continuation at this level before entering a short trade for around 200 pips
Price was in a strong downtrend until earlier this week when news events pushed price back up.
However, as the Fibonacci demonstrates on the 4 hour, price began to resist at the 61% level and looks like it is resuming the downtrend movement
Price is now at an area of weekly support & resistance so watch for a break, retest and continuation at this level before entering a short trade for around 200 pips