Monthly;
In May'16 price broke under 1.42 on heavy supply to drag it down till a stop in action happened in Oct.'16 reaching the 1.17 area.
• Then from the Oct.'16 till Junuary'18 moved back to the 1.42 area on struggling demand for spending 4 months there and moving back down again after failures to break upside.
• In April'18 till August'18 moved upward and failed to break upside 1.33 for 9 months for then going back to 1.17.
In oct'19 tried to make so move upward on considering demand & reaching 1.35 showing absorption of demand in December 2019.
• In the first months of 2020 dropped to the 1.19 area on heavy supply for it to get absorbed some of it there, and having it struggling to go upward again afterward.
• In july'20 moving back to 1.35 on some heavy demand and printing a bullish engulfing candle. For after retracing in september'20 to the 1.26 area showing absorption of supply at the touch of it.
• From september'20 till February'21 moving the price upward to 1.42 & having it stopped there showing absorption of demand.
• From February'21 till June'21 failing to break 1.42 & on May'21 printing a bullish engulfing to the zone on heavy demand for then printing the last month a bearish engulfing candle with heavy supply, telling us that supply is still in power.
Which all of it makes me read another drop downward on the long term, with signs that it indeed started it's move when break under 1.37 on a SOW; which would give us as next target 1.30
In May'16 price broke under 1.42 on heavy supply to drag it down till a stop in action happened in Oct.'16 reaching the 1.17 area.
• Then from the Oct.'16 till Junuary'18 moved back to the 1.42 area on struggling demand for spending 4 months there and moving back down again after failures to break upside.
• In April'18 till August'18 moved upward and failed to break upside 1.33 for 9 months for then going back to 1.17.
In oct'19 tried to make so move upward on considering demand & reaching 1.35 showing absorption of demand in December 2019.
• In the first months of 2020 dropped to the 1.19 area on heavy supply for it to get absorbed some of it there, and having it struggling to go upward again afterward.
• In july'20 moving back to 1.35 on some heavy demand and printing a bullish engulfing candle. For after retracing in september'20 to the 1.26 area showing absorption of supply at the touch of it.
• From september'20 till February'21 moving the price upward to 1.42 & having it stopped there showing absorption of demand.
• From February'21 till June'21 failing to break 1.42 & on May'21 printing a bullish engulfing to the zone on heavy demand for then printing the last month a bearish engulfing candle with heavy supply, telling us that supply is still in power.
Which all of it makes me read another drop downward on the long term, with signs that it indeed started it's move when break under 1.37 on a SOW; which would give us as next target 1.30