looking at the weekly time frame, it is clear that the pair has been moving in a symmetrical triangle as the first weekly trendline (pink) connects a series of lower peaks, while the second weekly trendline (pink) connects a series of higher troughs.
last week, the weekly closure broke the inner weekly descending trendline (pink) and a monthly key level, indicating a new lower high (LH) can be expected ...
i would like to see a retest of the monthly key level on the weekly chart before entering this upside trade
alternatively, dropping to the daily time frame, an ascending daily trendline (green) has been obeyed by this pair, with it bouncing three times.
if this pair fails to retest the monthly key level for a move to the upside, we could possibly see a bearish movement to retest this daily trendline before a possible bullish leg.
will keep an eye on this pair for a possible long entry this week.
last week, the weekly closure broke the inner weekly descending trendline (pink) and a monthly key level, indicating a new lower high (LH) can be expected ...
i would like to see a retest of the monthly key level on the weekly chart before entering this upside trade
alternatively, dropping to the daily time frame, an ascending daily trendline (green) has been obeyed by this pair, with it bouncing three times.
if this pair fails to retest the monthly key level for a move to the upside, we could possibly see a bearish movement to retest this daily trendline before a possible bullish leg.
will keep an eye on this pair for a possible long entry this week.