This pair is currently trading within a descending channel whereby price has been resisted by the channel’s resistance, evident by the presence of a bearish engulfing.


The engulfing shows potential reversal around the resistance having engulfed a couple of candlesticks. Look for price action confirmation on the lower time frames to join the downtrend. Lack of bearish confirmation may result in a rally back to the upper boundary of channel.

Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.