Since the end of December 2020, the price has been moving creating an interesting symmetrical .
On the 20th of January 2021, the level at about 1.52750 rejected the price, ending a strong movement.
This level defined our secondary trendline, re-tested during the 5th of february.
Few hours ago, the price got a second rejection on the daily at about 1.54300 and there is a possibility to see a new re-test of its trendline.
In the , the price closed with an interesting just around its 200 and it could define a possible sign of weakness.
In the H4 chart we still have a movement but I'm confident to see an upcoming downtrend, the S/R zone at about 1.54300 is a strong area that rejected the price many times in the past and the price got a rejection just below its 200.
By the way, I wouldn't get a position right now, instead, I'll be waiting for the price to reach its secondary trendline and then I'll try to understand the price action on that area before planning my short position on this trade.
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