In the weekly chart, since July 2012, the price has been moving following a strong trendline, bouncing again in February 2017 and it's now approaching to retest the same dynamic trendline.
In the daily perspective, at the end of December, the price got few rejections on the at about 1.61683, and a strong impulse moved the price down.
In the h4 chart we can properly see how the price is following a clear , bouncing up and down on its dynamic S/R levels.
During the last session the price closed with a down just around the dynamic resistance of the channel, it could be a clear sign of a trend continuation.
The next price action will be essential to confirm our pattern and the next market movement.
The price is absolutely in an interesting area and I'm really confident to see it moving with a movement trying to reach the next dynamic support of the channel and eventually the main weekly trendline.
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Please note the views are not investment advice and should be used only for educational purposes
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