The price structure in this pair from monthly time frame to daily time frame is bullish . Remember in this analysis I will not include entries. I will share a zone where price most likely will start the movement to the desire direction.
In Monthly
The price was over extended. When price is over extended we can expect a correction which already happened. If take fibonacci from low to high you can notice that the 0.618 and 0.786 fibonacci level are in good confluence with structure. We could expect the price to make a retracement to this zones.
In weekly
The price is also bullish . The price is currently holding above an important support. Also, if yo measure the current weekly impulse you will notice that the price is holding above the 0.786 fibonacci level.
In Daily
The price is consolidating. We can speculate that the price is creating more liquidity before start the movement to the upside.
In general the price is very bullish but we have to wait for price confirmations to take an entry.
In Monthly
The price was over extended. When price is over extended we can expect a correction which already happened. If take fibonacci from low to high you can notice that the 0.618 and 0.786 fibonacci level are in good confluence with structure. We could expect the price to make a retracement to this zones.
In weekly
The price is also bullish . The price is currently holding above an important support. Also, if yo measure the current weekly impulse you will notice that the price is holding above the 0.786 fibonacci level.
In Daily
The price is consolidating. We can speculate that the price is creating more liquidity before start the movement to the upside.
In general the price is very bullish but we have to wait for price confirmations to take an entry.
Wiiso