If we take a look on the graph in weekly mode, We can see almost clear structure of channel. Another uptrend channel is in daily mode. Indicator RSI can
help us identify next move. In my opinion its going short RN and it exists two ways.
1. It continues down and break the daily channel too
2. It continues down and keep forming daily channel again
Good luck guys!
As We can see from the long perspective the chart is going in UPTREND. Now it is on the trend line for us it is support. The RSI now is very low 36.59 which indicates potencional change of a trend.
I will wait for another bullish candle then go long and my TP 2 will be on the 1.39069 which is the fibo level.
Price followes the downtrend channel from 14th January 2021 and still continues.
SR level which is important for us is 1.66450 which is going to be our break and retest level. We will wait until graph test it again and goes short.
Price follows uptrend channel on 4H TF and its on another small channel on 5m TF which I follow right now. Potencionally break and retest setup. Wait for breaking the channel then retest and long engulfing.