In the weekly chart, since March 2020, the price has been following a strong trendline, getting its first rejection at the beginning of November and it's now approaching to reach one more time the same dynamic level.
In the , since the beginning of November 2020, the price has been moving with a clear uptrend after it got a strong impulse once it reached the dynamic trendline. Since the 7th of January 2020 the price has been following a new downtrend correction and it actually reached a daily S/R zone at about 1.20624.
In the h4 chart, we can see the price falling down creating an interesting pattern (many rejections on its dynamic S/R line are an extra confirmation about the validity of that pattern).
On the 15th of January the price finally broke the pattern, it reached the S/R zone at 1.20644 and the next price action around that level will be essential to understand the next market movement.
This pair is absolutely in an interesting period, I'll be waiting for the price retesting the dynamic resistance and eventually pullback on it.
I'm so confident to see the price falling down trying to reach the main weekly trendline with a possible market reversal.
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Please note the views are not investment advice and should be used only for educational purposes
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