Daily analysis
Price is re-testing the 1.082 - 1.084 range that it has bounced off several times in the last 9 months.
Todays candle is close to forming a rejection candle at this level. Previously this has resulted in strong bearish movements however the more a structure is tested then the lower the chance of it holding long term.
1H analysis
After the most recent swing high, price is now in a range with a double bottom formation.
If the Daily candle closes and shows a rejection then we may see a break and retest of the 1H range then a move to the downside, likely finding support on the rising long term trend line .
However if the price breaks above this box, re-tests it then moves even higher then we may see price make a new swing high and strong bullish movement.
I am neutral at the moment until I see some confirmation of a new trend.
Price is re-testing the 1.082 - 1.084 range that it has bounced off several times in the last 9 months.
Todays candle is close to forming a rejection candle at this level. Previously this has resulted in strong bearish movements however the more a structure is tested then the lower the chance of it holding long term.
1H analysis
After the most recent swing high, price is now in a range with a double bottom formation.
If the Daily candle closes and shows a rejection then we may see a break and retest of the 1H range then a move to the downside, likely finding support on the rising long term trend line .
However if the price breaks above this box, re-tests it then moves even higher then we may see price make a new swing high and strong bullish movement.
I am neutral at the moment until I see some confirmation of a new trend.