En un análisis macro "Weekly" el precio se encuentra descansando en una zona de posible reacción que se ha venido respetando desde el 2018.
En 4H podemos ver que está rompiendo una trendline bajista y encontramos una divergencia con MACD, lo cual nos da indicios de un posible rompimiento al alza de mínimo unos 500 pips.
Price is ranging after forming first Higher Low just after it came to Stop Hunt some orders on the Monthly Key Support Level.
We can find a divergence with MACD and the EMA 50 is now forming support.
Price can come back to retest 106.00 (Monthly Supporty) just as TVC:DXY is about to do with Montlhy Resistance, and then...
We can find a string divergence with MACD at the bottom, which is a strong indicator for the change of the Bearish Trend.
Price is making Higher lows. and EMA 50 is now making Support.
If it brakes level 1.60900 it'd be a confirmation for a Bullish continuation and we'll be aiming for 1.66500 (38.2 Fibo Weekly level) or even 1.70000 (61.8 Fibo Weekly level)...
We have a 4H MACD divergence that formed Lower Low, and seems to be the end of that Bearish TL.
Now the price is forming Higher Lows, which can confirm that Bulls are stronger now.
I entered Bullish cause the price now is on a range above that key level, so now I'm aiming for 38.2% Fib Weekly Level.