Hello friends, as we see price is respecting the downtrend channel, whereby the lower low (LL)which is also a physiological level, where price didn't reach for a couple of years meaning 1.0000
At the current movement we see price retracing upwards after a long down movement, we expect price to reach range levels of 1.03500-1.04000 which act as a strong resistance level, before continuation of the overall downtrend movement.
One can ride the short term uptrend but ill be waiting to trade the trend downwards, focusing to take profit at 1.0000 when price comes back to retest the level.
At the current movement we see price retracing upwards after a long down movement, we expect price to reach range levels of 1.03500-1.04000 which act as a strong resistance level, before continuation of the overall downtrend movement.
One can ride the short term uptrend but ill be waiting to trade the trend downwards, focusing to take profit at 1.0000 when price comes back to retest the level.