Price has hit a kep supply level on the weekly timeframe and as was expected, bears would step in at this point hence why we can see any bullish pressure being heavily met with selling pressure afterwards. From this level, i see 2 potential scenarios panning out:
SCENARIO 1: This involves the supply level holding and price breaking lower. For this to take place, it is extremely important for price to break and retest 1.30328 and head lower.
SCENARIO 2: My preferred option. I expect price to continue stalling between the supply zone and indicated support level. I am expecting price to break out and continue moving higher in the coming months towards 1.40000. My area of entry will be 1.30328 upon solid bullish confirmations
SCENARIO 1: This involves the supply level holding and price breaking lower. For this to take place, it is extremely important for price to break and retest 1.30328 and head lower.
SCENARIO 2: My preferred option. I expect price to continue stalling between the supply zone and indicated support level. I am expecting price to break out and continue moving higher in the coming months towards 1.40000. My area of entry will be 1.30328 upon solid bullish confirmations