Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2583. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) attract sellers. We trade to the lowest level in 5 months
Weekly: After posting a bearish Outside Week (week 16th April) the major currency pair has broken the Ending Wedge formation to the downside. The move has been impulsive, which normally highlights any recovery in the pair would be mixed and limited. The most interesting factor in this time frame is the fact that our bespoke support is located at 1.1805, below the 161.8% extension of 1.1898 (from 1.2557-1.2149).
Daily: Broken the channel to the downside. Yesterday’s price action posted a doji style candle highlighting indecision. Bespoke resistance is now located at 1.1990. With reverse trend line resistance seen at 1.2014, and the 23.6% Fibonacci level located at 1.1979 (from 1.2476-1.1825), this is now our prime short entry zone.
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