Weekly: From the weekly perspective, the pair has just broken out of the consolidation box and more upside is expected. But first it would have to challenge the Dynamic Resistance before it can retake the upside. In the previous weeks, it has tried to push higher only to be held back by the EMA 21.
Daily: From the daily perspective, the pair seems to have found resistance on 1230-1232 region as it failed to make a sustained break above. It has also printed several candlestick with long upper shadow indicating strong selling pressure. The pair is likely to retest the closest support at 1220 region. If it found sufficient support there, it will potentially continue its bullish move to break to the upside. Alternatively, if the support failed to hold, the pair could retrace further down for a retest towards the Fib Level 0.5-0.618, which is also the Dynamic Support & the Broken Resistance turned Support.
H4: Looking closer on the H4, the pair seems to be forming a Pennant as it consolidate between 2 converging trendline. From reading the PA, the pair is likely to retest the 1220 region where it will meet the ascending trendline and the Dynamic Support EMA 50. A rejection here will indicate the pair has found sufficient support and could potentially give the pair the boost it needed to break above the consolidation. Alternatively, a downside break of the support will expose the pair to downside target situated between 1202 - 1207 region.
