Heavy resistance hit multiple times on the 4HR chart, ascending trend line after gap is also being respected. However, due to current nature of the pair expecting a break and a possible gap close dropping to a previous trend level.
Lovely set up into next week. Cross over of both 4H and 1D MA. Also currently on a daily 3 bounce. The rectangle marks the point where the market tried to push down however the proceeding candle denied the move lower. Will look for a close above the minor horizontal line to break previous resistance. This is what I see, this is my next move. Find what works for...
Extremeley overbought, in need of a retracement sits nicely for a continuation trade. Will go short on resistance dependent on the candle close, snatch a few pips and look to re-enter long again watching the news in r.e to unemployment claims and ISM manufaturing.
Hourly chart shows a bearish signal. Will continue to the 1.6410 area before continuing with uptrend. Waiting for the retracement into the .682, 1.6647 before going short. Stops just above visible resistance. Oversolf conditions which is why I have marked possible points for entry.
Watching the minor pull back to previously strong support and trend line. Then looking for a completion of leg 3 and a retracement back into the .382/.5 with a strong hold on support will look for a continuaiton of the trend.
Overall bias looks bullish H1, H4. Watching the current support levels, sitting at the .382 retracement from the swing low move of 11/23 to the swing high crossing into the 11/24. Will wait for the retracement to complete or a test of previous lows and if support holds will look for an entry and a re-test of strong resistance, 1.0229 marked as the upper red line....
Follow price action, look for a re-test of previous lows and the previous consolidation move and wait for the break back toward the upside. Marked key resistance areas including possible new resistance if strong support is broken.