Monthly time frame Price reached a key zone, this downtrend has been in place since Aug 08. On top of that, we have some signals supporting the relevance of this price level.
Price level: Strong downtrend Resistance level Fibo retracement 0.618 Ema 100 - Working as resistance
For sure is a tough zone, the price has been rejected and will retest the 1.19 level. Zooming in on the daily time frame, we see a false breakout, the RSI overbought with, and bear strong candle rejecting the price out. We need to see where the markets will move, personally I think the price will retest the 1.19 level and bounce back to 1.15 1.14 level bringing us a buy opportunitIes.
I will be looking for trend reversal signals to short or wait for the breakout to go long. For sure it is an interesting zone to look at.