- The pair on the weekly TF is seen going sideways. We do not see a defined trend in this pair on this TF. We are consolidating within a triangle which is within a larger triangle. The last 5 weeks have seen bullish
movement for this pair. It is now clearly above the minor downtrend line that I have drawn. It closed exactly at resistance level
seen at 1.33458 level.
Will it push higher?
If it does, the 50% Fib level will be its next target at 1.3479.
If the sellers come in, we can see this pair targeting 1.30 again.
I am neutral on this pair based on my reading of the chart on this time frame.