price has been dropping steadily over last 2 years but has not made a new lower low below 1.2502 and as a result rejection candle above 50/200 sma line formed in september.
Entered one daily inverse head and shoulders with targets set previous highs
The monthly chart shows a doji/pin closing above the 50 sma line during an uptrend. price is also oversold. looking at the daily there are possible entries on the inverse head and shoulders if the current day closes positive above the high of the previous day.
Sellers still in control of market but showing some weakness as bearish bars are getting smaller followed by doji/pin and then bullish confirmation candle.
Bigger time frames are in strong downtrend (4 hour/daily) so very small lot and mostly to test a doji/pin theory.
target is purple line
Hourly and daily price action has closed and traded below the 200 sma line. On the hourly i am waiting for price to retest the black support line and then enter on the break of previous lows