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Interesting Pattern on the EUR/ZAR

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Hi everyone, 

 

hope you are well. I am just browsing through the currency markets and the following chart looks interesting:

the hourly chart shows consolidation after strong downward momentum.

the weekly chart (2nd chart below) shows that the market is trending down. The horizontal lines in the weekly chart show the potential areas of strong support/resistance

 

feel free to comment

 

this is my first post. I will be sharing my analysis of the markets going forward. 

 

thankyou

 

 1hr.PNGweekly.PNG

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