The Elliot wave seems to be coming to an end, now the price is looking to test the support level. If the price successfully breaks this support level then it may be looking to test the previously broken resistance. I think the first one is more likely, but the second is also possible. I think it will bounce after the test of this support level, if the price breaks below this support level it is very likely that we would see an expanding symmetrical triangle start to form. I will keep this idea updated over the coming weeks.
Comment:
Comment:
The first idea seemed to be right, it looks likely that the price is going to once again retest the support level. The RSI is getting closer and closer to being oversold as the price reaches the support level, this is a good sign for this pair as it tells us that we may se some significant bullish gains.