Two months ago the pair formed a very clear shooting star candlestick on the monthly time frame, which was an obvious signal that it would start falling. Currently the pair is about to reach yet another target on its way down – the support at 1.2650, which coincides with (EMA)89 on the weekly time frame.
As we all know, however, the signals on the monthly time frame have long-term consequences, which is why I am almost certain that the support at 1.2650 wouldn’t be able to stop its descent for long and the pair will easily break below it. If this does happen, the next level of support is at 1.2570 – 1.2550, which is the middle line of Bollinger Bands on the monthly time frame.
I agree, the pair will likely continue falling.
ReplyDeleteWell spotted! I'll keep it in mind.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteInteresting analysis.
ReplyDeletePerhaps the couple will grow to 1.3200
ReplyDeleteInteresting analysis.
ReplyDeleteInformative article.
ReplyDeleteA good post with good insights into the situation.
ReplyDelete