There is still a large bigger downtrend on this pair's longer timeframes. I am expecting one more impulsive leg down to form a wave 5 in the wave pattern I currently see on this daily chart.
Price is as well currently inside a descending triangle, which increases the chance for a break down today or tomorrow since we are very close to it's apex.
If price would alternatively break up from the descending triangle, I am still short until at least the weekly dotted downward sloping (dark pink) trendline is broken.
The swaps on this pair is currently positive for selling, which favors holding shorts.
Price is as well currently inside a descending triangle, which increases the chance for a break down today or tomorrow since we are very close to it's apex.
If price would alternatively break up from the descending triangle, I am still short until at least the weekly dotted downward sloping (dark pink) trendline is broken.
The swaps on this pair is currently positive for selling, which favors holding shorts.