Since the 2nd of February, the price has been following a strong downtrend, breaking through two S/R zones at about 1.57700 and 1.57000.
Few days ago, on the 8th of February, the price reached the main support at about 1.56000, re-testing the same zone twice, creating a possible pattern.
It is currently moving up trying to reach its next S/R zone at about 1.57000 and a clear on the main support could be a interesting sign of strong rejection.
I'm confident to see a movement, considering its previous strong downtrend, I think it's time to get a correction and my target would be the S/R zone at about 1.57900, matching with the 0.61% of .
I'll be waiting the breakout of the level 1.57000, confirming the validity of the pattern and only after this condition I'll plan my long position on this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
The price started falling down on the level 1.56800, still far away from my perspective.