On the smaller time frames, the current price formation could look as a retracement of 1.367, but for now the demand is starting to much demand for it only retracing and going down again. As long as it maintains upside 1.36 on maintained demand, I expect it going upward to 1.40. And if price hold upside 1.372 it would be even more signs that won't test again 1.36 before going to the upside. And a break upside the 1.377-138 area on a SOS would be a good sign that the movement started. As doe now the little consolidation it be into dancing on 1.375 have re-accumulation characteristics.
*** SHARED AT BUYING SIGNALS ON THE CHART WITH A STOP LOSS AT 1.372-1.373, BUT EVEN IF IT WOULD BREAK UNDER IT, IT WOULD JUST MEAN THAT WE HAVE AN OPPORTUNITY TO RE-ENTER AT LOWER AREA***
Monthly
Demand has been in power since March'20, and 1.36 has been a resilient support zone since price went upside in last April. And the two last monthly closed ended showing supply absorption at the 1.36 area wicking it to the upside, which is saying that demand is still in control.
Weekly
The week closure of the last 16 August ended on a solid stop in action with a bearish engulfing on heavy supply at the 1.36 zone. For then when it would have be time to retrace that candle the following week, instead of showing signs of light demand we got a little kinda bullish engulfing showing demand working. Which tells that the selling interest is not longer in charge. Which is not surprising since it did show, as mentioned, supply absorption when it touched it on on the week closure of the 22th March'21 and 19th July'21. As well as a stop in action on the week of the 5th April'21.Each of these time having demand emerging after the touch of the zone, as it's doing now.
Daily
on the daily, it's interesting how the daily closure ended testing back the HH that brought price upside 1.37, closing on the zone with a bearish candle boosted on supply but once again showing a stop in action making it not able for sellers to bring it back down even with an effort pulled from them. And then the day of the 27th August, showing a buying interest response closing the day on a bullish engulfing showing a even higher demand presence, for now having the current daily candle formation showing supply absorption at the 1.373 area.
4hours
Showing nice supply absorption retest the 1.375 after the HH back upside of it. Which make it a good place to initiate buys if it all maintains.
updates would be provided about it, in both cases that it would move upward straight or retest 1.36
*** SHARED AT BUYING SIGNALS ON THE CHART WITH A STOP LOSS AT 1.372-1.373, BUT EVEN IF IT WOULD BREAK UNDER IT, IT WOULD JUST MEAN THAT WE HAVE AN OPPORTUNITY TO RE-ENTER AT LOWER AREA***
Monthly
Weekly
Daily
on the daily, it's interesting how the daily closure ended testing back the HH that brought price upside 1.37, closing on the zone with a bearish candle boosted on supply but once again showing a stop in action making it not able for sellers to bring it back down even with an effort pulled from them. And then the day of the 27th August, showing a buying interest response closing the day on a bullish engulfing showing a even higher demand presence, for now having the current daily candle formation showing supply absorption at the 1.373 area.
4hours
Showing nice supply absorption retest the 1.375 after the HH back upside of it. Which make it a good place to initiate buys if it all maintains.
updates would be provided about it, in both cases that it would move upward straight or retest 1.36
Trade closed: target reached