Now in this setup there is two things to consider. Right now this pair is Long term SHORT trend on the daily and the weekly. However, this trend might be LONG in the short term. If the pair breaks the 4h trend line (blue) which is the one clearly depicted and closes above the first short term top indicated by the closest green line, then it can LONG to the next short term resistance level (upper green line). The Red lines are Long term resistances while the lower Yellows are long term supports.
Now if the pair fails to break the trend line successfully then it will continue to respect it and head downwards. There also may be a false breakout due to weak USD data at the moment.
Now if the pair fails to break the trend line successfully then it will continue to respect it and head downwards. There also may be a false breakout due to weak USD data at the moment.
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since this is a 4h chart, the second long term support is not visible which is on 0.66767
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