After a large sell off on this pair, price moved directly into the recent major support level.
As the daily chart shows; this level has now held and price is looking to make a retracement back higher.
Just overhead sits a key resistance level for this pair.
It would not surprise to see this level act as a price flip resistance on the smaller intraday time frames.
If we can see some rejection of this level on the smaller time frames, then we can begin to look for short trades inline with the recent selling pressure.
As the daily chart shows; this level has now held and price is looking to make a retracement back higher.
Just overhead sits a key resistance level for this pair.
It would not surprise to see this level act as a price flip resistance on the smaller intraday time frames.
If we can see some rejection of this level on the smaller time frames, then we can begin to look for short trades inline with the recent selling pressure.
