Participant

This cross formed a double top on the weekly chart over the previous two weeks to this one, this week’s price action has confirmed that pattern. Price was supported by the 23.6% retracement line for this week but I would expect to see more downward price action in this pair over the next two or three weeks, especially if there is a close this week below 190.826 which is the support level on the 23.6 line. Looking at the 4HR chart we can see that the price has broken through the cloud on the downside and also through the support line which had been created over the past days. ADX and Stochastic indicators are both pointing that momentum could be on downside. Looking forward to trading this one next week.

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