For the bulk of this year this pair has been in a downtrend.
We can see that this downtrend has been attempting to continue lower in recent sessions, however; price as yet has not been able to create a new lower low.
Whilst this is a concern for longer term downtrend traders, the momentum at the current time is still lower.
If price pulls back into the major daily chart resistance we could watch for short trades.
Trades could be hunted on the daily and intraday time frames such as the 4 hour chart.
We can see that this downtrend has been attempting to continue lower in recent sessions, however; price as yet has not been able to create a new lower low.
Whilst this is a concern for longer term downtrend traders, the momentum at the current time is still lower.
If price pulls back into the major daily chart resistance we could watch for short trades.
Trades could be hunted on the daily and intraday time frames such as the 4 hour chart.
