This is an interesting market to chart.
Price in recent times on the daily chart has formed a series of higher lows.
The interesting part however, is that when forming the recent swing high price could not make it all the way back to the major resistance.
This leaves price moving into a recent swing high and then for any major moves higher it will need to break...
Price is now testing the major daily resistance level that has recently been a very strong barrier.
Whilst this level could now break, if we can get a pullback lower into the near term support level it could be a very solid area to look for long trades.
Trades could be hunted on both the daily and smaller time frames with high probability price action triggers.
There have been some solid contrarian moves in the last 24 hours.
The GBPUSD is a good example of this with price quickly snapping back below the major resistance level just as quickly as it broke out.
The support level of the recent consolidation and sideways pattern looks a key level for where this market moves next.
