My bias for this pair is LONG as it is with all XXXUSD pairs
Price has been on a downtrend for over a year and price eventually has to go up, the initial test of 1.23000 was a pullback as you can see from the chart - This was from August 2014
Price came to the same area again and fell because we had a breakout in July 2020 and the area was never retested - Price came back down aggressively to retest but should now bounce from this area and go to make a higher high
We have a Monthly Doji (for this month) which shows us an indecision and should be signs for the start of the reversal
We can also see that price has broken a significant trendline and has retested that perfectly
HOWEVER, in order for me to jump into this long, I would like to see a break of the current area - a break of 1.14000 means we can look to enter long positions
For swing traders this could be a very good opportunity to get in now and hold for the next few years
Price has been on a downtrend for over a year and price eventually has to go up, the initial test of 1.23000 was a pullback as you can see from the chart - This was from August 2014
Price came to the same area again and fell because we had a breakout in July 2020 and the area was never retested - Price came back down aggressively to retest but should now bounce from this area and go to make a higher high
We have a Monthly Doji (for this month) which shows us an indecision and should be signs for the start of the reversal
We can also see that price has broken a significant trendline and has retested that perfectly
HOWEVER, in order for me to jump into this long, I would like to see a break of the current area - a break of 1.14000 means we can look to enter long positions
For swing traders this could be a very good opportunity to get in now and hold for the next few years