I missed out to make an analysis for this week forex trading session due to my short vacation. So this is just a continuation for the rest of 2 days left before the weekend. As you may notice the market is gradually moving in small scale within the range of 50-60 pips and there is not yet significant breakout for this week.
The current situation is very tricky as the market nearly touch down on the last support level 1.2027. Traders becoming very cautious fear the unexpected correction might take place anytime soon. That fear is display by strong volatility of price actions fluctuating within the identical length of support/resistant in the hourly time frame. On the other hand gradual movement downward also signal strong continuation towards that support level. Especially with the head and shoulder chart formation on daily time frame providing clear hint of that intention.
So here is the analysis:
Daily Time Frame:
Stochastic = Down
MACD = Down
Bollinger Band = Bottom
Summary = Support continuation of bearish trend
Weekly Time Frame:
Stochastic = Down
MACD = Down
Bollinger Band = Bottom
Summary = Support continuation of bearish trend
Monthly Time Frame:
Stochastic = Down
MACD = Down
Bollinger Band = Bottom
Summary = Support Continuation of Bearish trend but the Bollinger Band signal is a little bit oversold that might trigger unexpected significant correction
Chart Formation:
Daily time frame chart formation is head and shoulder which means it support further downward continuation.
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