Possible transition mid-term from bearish to bullish trend
Short term - Short bias
Long term - Overextension and possible transition/reversal
Price looks a bit overextended on the weekly chart with a strong 2 bar reversal on the daily chart.
Momentum on the other hand is still in favor of the bears so another sell at the measured move objective around 1.89000 is clearly justified as long as we stay underneath 1.90000 on a daily closing basis.
But I think this pair is due for some bullish correction long term so if we see some strong bullish rejection from the 1.86000 area I am open to buy at this area with stops below the last swing low.
Long term - Overextension and possible transition/reversal
Price looks a bit overextended on the weekly chart with a strong 2 bar reversal on the daily chart.
Momentum on the other hand is still in favor of the bears so another sell at the measured move objective around 1.89000 is clearly justified as long as we stay underneath 1.90000 on a daily closing basis.
But I think this pair is due for some bullish correction long term so if we see some strong bullish rejection from the 1.86000 area I am open to buy at this area with stops below the last swing low.
