Possible upward movement of the pair. The price is currently in a trading zone with significant volume, this being the control point. I have been analyzing this pair waiting for the arrival in this area. In a 4-hour timeframe chart we see a bullish directionality in indicators such as the Squeeze Momentum and MACD histogram, accompanied by the loss of strength of the previous movement indicated by the ADX below the 23 level and also a possible buy signal pattern in the MACD lines. In timeframes of one, I am now in favor of this timeframe over 4 hours, with indications of significant development of the red valley formed in the Squeeze Momentum indicator with a possible change of direction to bullish shortly and also in the MACD histogram, and being in a zone of negotiations of important volume with the RSI in oversold zones that allow a movement in the next hours to the rise. We see a major rejection on the hourly candle upon reaching this zone, we will wait for possible future rejections in this zone for a possible move higher to the 4-hour upper bound zone or previous high zones.
Comment:
If the movement occurs, watch the arrival at the 55 hourly EMA, to see if there is strength for the movement.
Trade closed: stop reached