On the Weekly chart for this pair I can see a huge Bullish Deep Crab
Pattern forming with a PRZ in the 1.31 area which was also a previous Support and Resistance
area in the past as for May 2012 and February 2013
. Since previous resistance becomes support I am more confident in this PRZ area.
On the Daily chart
there is a possible Shark
formation with PRZ at the 1.48 area which was a good resistance area
in August 2016 and also at the extremes of a parallel channel
which is also running in the CD Leg of the Bullish Deep Crab
pattern on the Daily chart
I am hoping that price relays to the 1.48 area and show some consolidation and RSI
Divergence to go short on this pair and manege the trade till it reaches the 1.31 area which I mentioned earlier.