Multiple time frame analysis is involved here. Over on the daily timeframe, you'll see that price is testing the 1.0842 level. This is a high that formed back in November of 2019. Given the sharp move up, I didn't take the initial short, but now I did after this leg down.
Over on the hourly, you can see the strong leg down as prices tested the 1.083 level and...
Few things going on here:
1. Price reached the highs of 1.078 and then it found weakness. You can tell by the fact that price ranged, but consistently failed to break above the 1.078 level. At the same time, price has been holding supported at the 1.75 level.
2. What I'm currently seeing is that price is breaking below the 1.75 level and slightly retracing. This...
This is currently a very preliminary trade idea based off of the current momentum on this pair. I outlined this trade idea in three major points.
1. The run-up from March 19th ceased at the 1.0613 level. Price proceeded to pull back to my #2 label at 1.0477 level.
2. Nothing out of the ordinary so far as price would retrace after such a rally. What's...
