Looking at this pair I favour a short term bullish run.
On the weekly we have broken bearish structure by breaking the previous lower high. We have also retested and rejected the 1.6300 key level which has been confirmed with a daily bullish engulfing candlestick of this key level.
Zooming in on the hourly, price is currently trading above the 50ema after retesting the 50% fib level. with my bias long I would prefer an entry if price decides to create a new high.
I would be targeting 1.67669 with my stop loss being placed below the higher low at 1.63717.
On the weekly we have broken bearish structure by breaking the previous lower high. We have also retested and rejected the 1.6300 key level which has been confirmed with a daily bullish engulfing candlestick of this key level.
Zooming in on the hourly, price is currently trading above the 50ema after retesting the 50% fib level. with my bias long I would prefer an entry if price decides to create a new high.
I would be targeting 1.67669 with my stop loss being placed below the higher low at 1.63717.