In the weekly chart, since March 2020, the price has been moving with a clear downtrend, following and creating an interesting pattern.
At the end of December the price bounced and got a clear rejection on the dynamic of that pattern and it's now moving up trying to reach the next dynamic level.
In the daily perspective, after a period of consolidation started in July 2020 and ended at the end of November, the price got a strong impulse, bouncing on the dynamic support of the . Since that moment the price got a new strong positive impulse.
In the h4 chart the price got many rejections on the at about 0.89120, that's a sign of strong area, but at the same time, the price seems is creating a nice inverted pattern.
The next price action around this zone will be essential to understand the next market movement and the validity of that pattern.
The price is absolutely in an interesting situation, I'm so confident to see the price breaks the , reaching the next strong weekly resistance.
This pair is definitely in my watchlist and I'd highly suggest you to wait for an extra confirmation before opening any long position.
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Eventually the price will get a proper rejection (like a down pinbar, or a clear inversion) reaching the level 0.88950, since that moment I'd suggest to wait for a better trade opportunity!
for any other question, feel free to ask :)