The pair has tested the upper Cloud and is currently at
the support around 11500 which is also the Monthly pp.
On the H4 timeframe we see price breaking lower but
with bullish divergence. Since there is strong support
on the daily timeframe and we also see a typical bear trap,
with divergence on the H4, chances are pretty good for
a bounce from here. And if the level fails, it will likely be
a very sharp drop and then we are looking at the support
by the previous low and Weekly S1 at 8700 Sat.
the support around 11500 which is also the Monthly pp.
On the H4 timeframe we see price breaking lower but
with bullish divergence. Since there is strong support
on the daily timeframe and we also see a typical bear trap,
with divergence on the H4, chances are pretty good for
a bounce from here. And if the level fails, it will likely be
a very sharp drop and then we are looking at the support
by the previous low and Weekly S1 at 8700 Sat.