The longer term uptrend that has been in place with this pair since March of this year is now looking to continue.
As the daily chart shows; price is now looking to test a crucial daily resistance level.
Whilst price is in an overall trend higher, in the shorter term we have a bearish 1,2,3 reversal pattern that has formed to the downside.
That is where this level comes in. Price is now testing the swing low of the ‘1’ leg.
If this holds as a resistance, then we could look for a new short term trend lower to begin.
As the daily chart shows; price is now looking to test a crucial daily resistance level.
Whilst price is in an overall trend higher, in the shorter term we have a bearish 1,2,3 reversal pattern that has formed to the downside.
That is where this level comes in. Price is now testing the swing low of the ‘1’ leg.
If this holds as a resistance, then we could look for a new short term trend lower to begin.
