At the beginning of last year, the price of this currency pair showed a strong growth spurt, during which it rose to the levels of 1.541 and 1.552. And throughout the year, the pair moved along these levels regularly breaking through them during the growth and during the fall.
After another breakdown of the level of 1.552, the price went up to its monthly maximum and touched the resistance line at 1.579, after which it began to fall in the descending channel. The second line of this channel is the support line, also formed in December last year.
During the fall in the channel, the price broke through the resistance level 1.551 again and fell into the support zone 1.541, where the support line and the level intersect. I expect that now the price will bounce off the support zone and come to the resistance zone of 1.552.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻