During the 20th of January 2021, the price got a strong impulse on the main S/R zone at about 0.90500, moving up beginning an interesting , many bounces on its dynamic lines are a confirmation of the channel's validity.
On the 9th of February 2021, the price ended its uptrend on the level at about 0.92250, failing the attempt to reach one more time its dynamic resistance line, falling down breaking through its channel, re-testing with a pullback the same level.
As we can see in the H4 chart, the price got many rejections on the current strong area at about 0.91500, and considering the weakness of this market, there is a possibility to see an upcoming moviment.
I'm confident to see the price getting an interesting retracement, considering the following reasons:
- In the weekly chart, the price is moving with high , closing the session with a strong ;
Since March it's following a clear uptrend and many rejections on the level 0.92000 are a possible sign of retracement.
- In the daily perspective the price is consolidating since the 25th of January 2021;
- In the h4 chart, the price got an interesting pullback on its channel, and it currently re-testing the S/R zone at about 0.91500 and its 200.
I'll be waiting for a proper breakout before planning my short position on this trade, my target would be the main trendline at the level at about 0.90800
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