This currency pair is looking to fill the symmetrical triangle. As at this moment anything can be the next line of action. We can see or witness an upward movement and again, we can also see a movement to the downside. The best to do at this juncture is to let the whales or the big institute play out their game.
On a monthly time Frame, we can see that the symmetrical triangle is filled and a breakout is the next expected phase. It can be to the upside or to the downside. Right this very moment is not the time to rush into taking a position. This is the time to allow the breakout happen and maybe a possible retest before taking a position.
On a weekly Time Frame, the symmetrical Triangle still plays out same as the monthly. The filling of the symmetrical Triangle is same thing as the monthly Time Frame. On this very time frame we can see that this currency pairs has broken out to the downside. That is not a clear enough signal that we have a reversal.
On a Daily Time Frame we can see a clearer view of the break-out and at the touch of the support the currency pair reversed to test the trend line. After a touch of this trend line it became obvious that we are seeing a red candle signifying that the downward movement will continue
On a four hour time frame, the currency pair we saw that the a test of that uptrend and followed by consolidation. The next line of action or movement at the moment is very much unknown.
Conclusion: My Analysis is that the reversal is looking clear.
NOTE: Trading is very risky, only trade with money you can afford to lose
This is not a financial advice
Posted Using InLeo Alpha