Weekly: The pair can be seen respecting the uptrend as it found some support on it. In addition the uptrend also coincide with the Fib level 0.5 - 0.618. However, the pair has printed an Evening Star Formation in the previous weeks, thus I would expect the price to meet significant resistance on 113.1 region which is around half the retracement for the bearish candlestick. This could hints towards a much further bearish move, but for the pair to be expose to more downside, it need a clear break below the support at 111.7 region. Else it will be consider a long position.
Daily: Looking from the daily perspective, the pair has printed a Tweezer Bottom as it found support on the Uptrend & the Fib Level 0.618. The pair then consolidate within the EMA line and above EMA 50. A break above the EMA 21 would expose the pair to upside 113.1 region where it will meet the resistance & Fib level 0.5. A further break above will target the high at 114.5 region. Alternatively, a break below 111.75 region will expose the pair to downside 109.2 region.
H4: From H4, we can see that the pair has slow down and printed a Shooting Star as it was held back by the Dynamic Resistance 50.Based on the PA, the pair could trade lower as it seems to be forming a small H&S pattern. But this pattern will unlikely to be completed as the sentiment for USD is still Bullish. Thus I will be expecting the pair to retrace towards the Fib level 0.5 once again to see whether the buying power can overpower the seller. If the pair managed to make a sustained break above 113, it will expose the upside at 114.5 region. Alternatively, a break below 112 will expose the pair to 111.75 region where it will once again meet the Weekly Uptrend. A break below will expose the pair for further losses towards 109.2 region.
