In the weekly chart, since the end of March 2020, the price has been following a strong downtrend, creating an interesting pattern.
During the second week on January 2021, the price reached an important strong , getting a first sign of rejection.
In the daily perspective, the price is still clearly moving with a strong downtrend, but a double rejection on the at about 1.26312 could be an interesting sing of market reversal.
In the h4 chart the price seems is creating a nice pattern, it reached and retested twice the same and now it's approaching to reach the next daily at about 1.27734.
The next price action around that level will be essential to confirm the pattern and eventually plan a long position.
Overall, in the daily and weekly perspective, the price is still in a clear downtrend, but strong rejections during the last sessions make me think that there is a good opportunity to catch a long position if the pattern is valid.
Before to open any long position, I'd highly suggest to wait the breakout of the at 1.27748.
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