My analysis from last week was correct. We had a smooth downtrend, which was confirmed by the BB%. The market broke the trend channel on friday.
For the upcomming week I do see following development. A pullback to 1.12480 ( a 0.382 retracement of the new wave). Following new down movement to 1.11121.
Indicator BB% shows me that on the 4H timeframe the market is oversold. Thus I expect pullback. However the BBW shows me expanding BB. Thus I expect continuation of the downtrend.
What do you think? Do you follow my idea?
Trade active
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The pullback did not happen. Nevertheless my position from last week goes further into profit.
Trade closed manually
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Expecting some price increase to 1.12120. I take profit and looking for new short entry.