This pair is in a downtrend on the weekly and monthly timeframes and broke previous support and is currently retesting it as new resistance, hence the strong upward rally that we've been seeing on this pair for the past few months on the H4/H1 time frame.
Price broke the H4 ascending trendline convincingly and is currently going for a retest on H4 resistance. It also seems to be completing a right shoulder of a possible H/S pattern which is confluence for a sell. I will be looking for a short at the break of the counter trendline with profit zones at support.
Price broke the H4 ascending trendline convincingly and is currently going for a retest on H4 resistance. It also seems to be completing a right shoulder of a possible H/S pattern which is confluence for a sell. I will be looking for a short at the break of the counter trendline with profit zones at support.