If we zoom out to the higher timeframes, the monthly perspective is till quite bearish for me. However, on the weekly timeframe the price has been pushing up very aggressively for the past weeks.
The last 3 weeks of price action have shown some exhaustion with profit taking occurring at 1.07500 and 1.07000 key levels. I am cautious and aware that any short positions are still aggressive against the weekly bias. But the 4H and Daily timeframe indicate to me that price could now see a deep correction i.e in line with the monthly down trend.
Awaiting the PA to develop in to next week for any potential setups. Will update if anything occurs to me!
Have a good week
The last 3 weeks of price action have shown some exhaustion with profit taking occurring at 1.07500 and 1.07000 key levels. I am cautious and aware that any short positions are still aggressive against the weekly bias. But the 4H and Daily timeframe indicate to me that price could now see a deep correction i.e in line with the monthly down trend.
Awaiting the PA to develop in to next week for any potential setups. Will update if anything occurs to me!
Have a good week