The downward trend on July 17th was similar to a crash on EURUSD; the price has gone down by 2.35% in 48 hours, a considerable drop. After the fall, the price started to fluctuate. The first wave was long and in a comparatively extensive price range. Then, the upcoming ones were mild. These waves made up a pattern, a descending triangle pattern.
The descending triangle pattern is considered a bearish signal. The price would break down when the triangle is finished. And now, from this 4-hour plot, we can see that the triangle is coming to an end. Will the price break down as we expected?
The parabolic SAR made the apparent path of the trend. The waves are getting weaker and weaker. The downward movements seem to be steeper than the upper movements. And the price has tested the lower band of the Bollinger Bands several times, which means the price is trying to break down.
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