H1 chart:
Price has broken out of the purple descending trendline cleanly. I expect a corrective structure before the next move up to around 1.72704 which is the 23.6% of the previous impulse move as well as the resistance of the blue rising trendline. From there, we might see rejection and price heading downwards.
H4 chart:
Price has broke out of 4 month rising channel to the downside. Price might head up to 1.72704 for a re-test (based on H1) before heading down to the previous swing low (which is also an area of strong support). Time will tell..
Price has broken out of the purple descending trendline cleanly. I expect a corrective structure before the next move up to around 1.72704 which is the 23.6% of the previous impulse move as well as the resistance of the blue rising trendline. From there, we might see rejection and price heading downwards.
H4 chart:
Price has broke out of 4 month rising channel to the downside. Price might head up to 1.72704 for a re-test (based on H1) before heading down to the previous swing low (which is also an area of strong support). Time will tell..
Comment:
Price has re-tested trendline. You can short on any opportunity this pair present if it meets your rules
Comment:
200 pips if you traded this pair to the upside. Now, price might reverse and head downwards.
Comment:
Updated view:
