I'd say that this pair is at crossroads. A break from the consolidation area could go both ways as we have plenty of good arguments for both bears and bulls. In short-term, I would not be suprised to see further downside but in middle-term I'd say the uptrend is fully intact. Whatever is going ta happen, I am going to stay away from this pair until we move further away from that consolidation area.
Comments
Daniel.Dalo
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Thank you very much for sharing this! I think it's a great analysis, hard to say if it's going higher or lower, because just based on previous structure, price has not violated previous lower high from last major swing, but it respected last support level (which in this case is your bottom line of the consolidation), so I'm also going to watch this pair for a breakout on any direction.
Thanks again!