EU H1 and M30 charts: The H1 shows PA at important S&R area (black line) after dropping down from Bear channel, this drop being only about half the potential drop based on run down from the previous Bear channel. The M30 chart shows PA within yet another Bear channel and just below a S&R area. Furthermore, the Bollinger Bands were recently "squeezed" and the breakout (down) from that squeeze is still in its infancy.....the Bear channel depicting the likely consolidation before another run down to higher fibonacci extensions levels based on the BB squeeze point......the 262% thru 424% being high probability targets.
My conclusion is that on these charts we could be seeing the playout of a major trend reversal from up to down.
My conclusion is that on these charts we could be seeing the playout of a major trend reversal from up to down.