Daily
The view to shis currency pair is bearish As :
- The pair is is trending down for a long period making lower highs and lower lows
Level 0.8920 previous double buttom now resistance limited the retracement movement
Area 0.8920 - 0.8995 was a good area to sell the currency pair as it's a confluence of resistance levels
1. Fibonatcci Level 50% of the down swing from 1 April to 4 May this year
2. Fibonatcci Level 28.2% of the down swing from 15 February to 4 May this year
3. Previous support now resistance . ( multiple buttoms and previous high )
- The currency pair faced strong selling pressure at these levels
4H
The currency pair has been consolidating in a slightly bearish channel since it hit the level 0.8936
Yesterday there was clear breakout of this channel giving SELL signal on this time frame
Best areas to sell the pair is near 0.8699 ( the retest of the channel limit ) and 23% Fibonatcci level of the breakout swing down with primary target at 0.8560 then further lower targets to be mentioned later
SL for short positions should be above 0.8903 as its breakout indicates more upside movement .
