On this weekly time frame, we can see that price respected the bullish trendline 3 times. On the last one price exploded highly and its currently approaching a really strong resistance but i reckon price could go up just a bit more to 1.03000 and drop heavily to respect the trendline again. As you can see on the 1.03000 region price tested the resistance and dropped heavily on an average of 1000pips drop. I have highlighted the candle sticks in red that have respected the 1.03000 resistance.
However if you look at the 4hr timeframe or 1hr price reversed and started making lower highs and lower lows. I will be waiting for the price to break the 0.99613 level and then get in a short.
In the meantime i am expecting price to go higher to the 1.03 region and then i will be looking a really huge drop.
However if you look at the 4hr timeframe or 1hr price reversed and started making lower highs and lower lows. I will be waiting for the price to break the 0.99613 level and then get in a short.
In the meantime i am expecting price to go higher to the 1.03 region and then i will be looking a really huge drop.