The last time we were looking at this currency pair, we were expecting a break below the lower support line, and then a bearish
move after that. We also pointed out the possibility of the price bouncing from the support line, which is exactly what happened here. A rather big bullish
move has happened since we first published the original trading idea. The price has touched a resistance line now, and we are waiting for the price to either bounce from this line and make a bearish
move, or to break above the line, and make a bearish
move. We believe that the bounce and a bearish
move has a higher probability of happening. Watch the price around the upper line, for confirmation.
On the four hour chart, we do not see any other trading ideas available at the moment. Expecting the same bearish
move to happen.
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We wih you good luck with your trading!