By ForexTime
This development may signal the resumption of the downtrend, especially if the new weekly resistance level strengthens the bearish resolve – causing the negative momentum to build as a result.
The H4 chart confirms the overall bearish dominance with the Momentum Oscillator below the 100 baseline in negative terrain and the price being lower than the 50 Exponential Moving Average.
If the weekly resistance level holds and the price reaches the 103.060 level, a short opportunity will be triggered.
Attaching a modified Fibonacci tool to a trigger level just below the last lower bottom at 103.060 and dragging it to just above the last lower top, three possible targets can be established:
Free Reports:
If the price at 103.510 is broken, this scenario is no longer appropriate.
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