Hello traders, if you take a look at this pair you will see some nice patterns forming. I am a bear on this pair.
Price has bounced off WPP and immediate resistance is MM3. Previous low was a bounce off of MM2 and it looks like a lower high is establishing itself.
Price currently trading in a channel and is currently @ WM3 resistance. If the channel holds than expect movement to the upside eyeing WR1 as next resistance level. If price breaks to the downside than you will look for a opportunity to go short.
Price currently at DR2 resistance. Next level of resistance is DR3. Stochastics is oversold. I will wait to see if price gets to DR3 resistance before looking for a short opportunity.