The Analysis was done using ORDER BLOCKS. I anticipate a change of trend from bullish to bearish, a fall of price to the marked level.
Note: always wait for your confirmations before entering any trade
Price retested and rejected a strong zone of resistance after breaking above, now that zone acts as a strong support zone. Price currently rejecting lower movement while also respecting 0.5 level of the fibonacci(draw the fibonacci from the low of the previous bullish move to the top). The pair could also break below the red zone we marked. But i'll wait for a...
On the H1 time frame we can clearly see the pair abandon it's former uptrend channel and move to a sideways channel while still respecting the
support level, this is due to large amount of buyers waiting at that level to push price up. Also the RSI formed bullish regular divergence which signifies the end of the downtrend and the form of a new up trend.
