Firstly, let me just say, well done to whoever bought this pair at the start of the year. Wish I knew about trading back then, would’ve been nice ROI😭. From what I can see, we’re possibly looking at an inverse cup & handle
formation) on the monthly timeframe
. On the weekly timeframe
, I can see the pair lost momentum in June and has only just come back to that months high. In my opinion, I don’t think it will lose its momentum anytime soon. I believe the area of 0.97600 (which I’ve highlighted just above the handle) will be touched before we see movement to the downside, I believe this will be a stronger resistance than Junes high. If you’re wondering why my highlighted supports are so big, it’s because on the monthly, we have 1 big wick rejection for each one. Since you can’t tell where a pivot point
will be, it’s easier to highlight an area of interest rather than a specific point.