Daily Chart - Forming a head and shoulders pattern with the neckline at 1.35 - Price broke below the 233 period VWEMA, came back retested and rejected it - Price rejected the 1.37 even within the 50 - 618 retrace level - Trend RSI broke and has stayed below the 50% level
Weekly Chart - Major support was broken a few weeks back - Price has since came back to retest that zone and rejected it, confirming it as resistance - Next major support will be within the 1.30 price range - Reversion to the mean at the 233 week VWEMA within that same zone. - Trend RSI just recently broke below the 50% level
agreed with your idea