Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
Pretty cool, I agree, a relief rally may be needed on this pair and we could see a bullish reaction from this pair at the zone you have highlighted, how big the reaction will be, obviously depends on how this monthly candle closes, should this monthly candle close below the immediate previous lows around 1.16688 then i don't anticipate the bullish reaction to be that large, I can mostly perceive the bullish reaction to be market liquidity to continue the move to the downside, however, should we close above that price area of 1.16688 and receive bullish confirms such as a reversal pattern on the Weekly or Daily Time frame, then yes, we can then anticipate a nice bullish relief rally. (personal opinion)
John67son
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Great analysis. Will continue monitoring for favorable conditions towards a possible long.