This pair is resting at a weekly demand level, however is not a fresh level and price seems to be piercing through the level. In the 4H timeframe there is a fresh level above (1.27220 - 1.27628) that, in the case of a broken weekly demand level, could be the entry level for joining the downtrend until price reach next daily fresh demand (1.24637 - 1.26252).
So, two possible scenarios here:
1) Next week we could look at lower timeframes for a sign of reversal inside the weekly demand to look for long opportunities with target at 1.27220 (4H supply) or for a more conservative target, the 30min supply (1.27122).
2) Price breaks the weekly demand and the entry could be the 4H supply or the 30min supply with target at the daily demand.
Good luck everyone!
So, two possible scenarios here:
1) Next week we could look at lower timeframes for a sign of reversal inside the weekly demand to look for long opportunities with target at 1.27220 (4H supply) or for a more conservative target, the 30min supply (1.27122).
2) Price breaks the weekly demand and the entry could be the 4H supply or the 30min supply with target at the daily demand.
Good luck everyone!