Scenario 1. If the daily candle closes above this line. Potential Long Entry. Target 1 : 1.06, If the counter-trend line is broken, further bullish moves expected. Braking the counter trendline - next target would be 1.07 followed by 1.08 & 1.095.
Scenario 2. If the daily candle closes below this line - Potential Target could be 1.04.
Several Confluences, Strong rejections of level 87.5 & 88. The price is exhausted.
Weekly - Strong rejection of 88.00
Daily - Bullish exhaustion.
4h - Strong Bearish Impulses with small bullish candles(possible retracements).
Scenario 1. If the price counter trend holds and a break of the lowerline trend line support. A potential target would be 85.5(AB=CD...
If the Grey line brakes, 1.225 could be the first target.
If it forms a rejection near the support lowerline (grey line), I believe it will form a rising wedge.
50% Fibonacci Support possible rejected.