Weekly: Following a bearish closure last week, the pair has traded lower but has managed to found strong buying power at the 1.15 region as it was rejected sharply and pushed back into the Daily Range. From here on out, we will be looking for a retracements to 1.17 region or somewhere between the Dynamic Resistance where it would prove to be a good selling zone.
Daily: Looking closer on the daily, we can see that the pair has respected the downtrend and seems to formed a symmetrical triangle formation as the price get into a tighter range. The pair has shown a strong bullish momentum after rejecting the bottom of the triangle and proceeded to break the resistance with a bullish Marubozu. On Friday, the pair has retrace the bullish Marubozu and temporarily found support on the Resistance turned Support. More confirmation is needed in the Lower TF.
H4: After a strong Bullish push from 1.146 region where it is faded, it has briefly challenged the 1.16 region before it printed a Bearish Engulfing Candlestick and bring the pairs lower towards the Resistance turned Support at 1.154 region. It subsequently formed a beautiful Hammer candlestick right on the support line. For now we would wait for the Asia & London session to stabilize the PA before we can be sure on what to take. If 1.154 region failed to hold, it could touch the Fib level sitting right below it at 1.15 - 1.152 region, which is a favorable buy zone.
