After last month strong bearish closure breaking below previous monthly and weekly support, price is overall suggesting the continuation in its journey to a structural retest.
we are seeing some retracement activity going on, however we are approaching a key weekly level, previously strong support now resistance around 122.50-80 iish area.
daily/weekly closure above this price level could signify a change in the overall direction to bullish, something that is not yet suggested by the monthly liquidation channel which is yet to reach its final third bounce lower/structural retest
therefore a short around 122.50-8- ish area may be warranted as a suitable turning point or bearish continuation, however a weekly closure above that level would suggest an entirely different story.
we are seeing some retracement activity going on, however we are approaching a key weekly level, previously strong support now resistance around 122.50-80 iish area.
daily/weekly closure above this price level could signify a change in the overall direction to bullish, something that is not yet suggested by the monthly liquidation channel which is yet to reach its final third bounce lower/structural retest
therefore a short around 122.50-8- ish area may be warranted as a suitable turning point or bearish continuation, however a weekly closure above that level would suggest an entirely different story.