In a follow on from last week's analysis, with relative content worth noting, the following is an update with the same bearish outlook on the daily and four-hour time frame:
Daily Chart
The daily chart has extended through a 61.8% Fibonacci retracement which makes the likelihood of a downside extension somewhat less likely.
However, a daily close below the resistance structure leaves the prospects of the downside more probable.
The correction, at least, has been slow and steady which is ideal.
Four-hour chart
The price from here has some work to do, but all will be to play for on a break and close below the newly formed support structure.
On a retest of that structure, which would then be acting as resistance and expected to hold, bears can seek to place their entries for a high probability trade set-up targeting a lower low in a new bearish impulse.
Reprinted from FX Street. The copyright is reserved by the original author.
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