We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance, supply and demand zones, market structure, candlestick analysis etc.
On the weekly timeframe we can see that price has been in a slight downtrend but overall we have been singing upwards ever since April of 2020. Last week closed with a bearish candle and although it failed to engulf the previous candle we are seeing the potential for this to head lower. One thing I do want to take note of is that we ovae tested the lower liquidity zone 1.1700 and already rejected it once so if this area is rejected again we should consider taking longs.
On the H4 timeframe if price manages to break the support level at 1.1800 then we should consider taking shorts. If we see a bounce from this level then longs will be in order.
On the weekly timeframe we can see that price has been in a slight downtrend but overall we have been singing upwards ever since April of 2020. Last week closed with a bearish candle and although it failed to engulf the previous candle we are seeing the potential for this to head lower. One thing I do want to take note of is that we ovae tested the lower liquidity zone 1.1700 and already rejected it once so if this area is rejected again we should consider taking longs.
On the H4 timeframe if price manages to break the support level at 1.1800 then we should consider taking shorts. If we see a bounce from this level then longs will be in order.