Screen Shot 2018-01-13 at 12.09.24

The weekly chart is showing a clear downtrend making lower lows and lower highs and is now at a key weekly resistance level of 1.24554.


Screen Shot 2018-01-13 at 12.10.40

The daily chart is also showing bearish momentum after breaking from the consolidation between 1.29066 and 1.6656, confirmed by the close below the first 4HR counter trend line, to the lower weekly and daily resistance level. Price also rejected the 50% fib level adding confluence to the downside.

4 Hour:

Screen Shot 2018-01-13 at 12.11.28

Price has now made a lower high on the four hour time frame, i would be waiting for a break and close below the second 4HR counter trend line for a short entry targeting the 1.20614 level. If price rejects the 4HR counter trend line price could move towards the daily trend line.

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