Note this is a monthly chart!
Price has been moving downward to test major support. To me it doesn't look like this pair has moved close enough to be considered as having tested major support, bounced and now heading higher. It looks more like a correction in an ongoing downward trend. Therefore, I am expecting price to reverse back downward soon to test major support.
A move to the daily time frame would indicate when to expect price to reverse back downward forming a high quality Short Trade setup. I will continue to monitor this pair and will report when I see a valid daily Short Trade setup.
Price has been moving downward to test major support. To me it doesn't look like this pair has moved close enough to be considered as having tested major support, bounced and now heading higher. It looks more like a correction in an ongoing downward trend. Therefore, I am expecting price to reverse back downward soon to test major support.
A move to the daily time frame would indicate when to expect price to reverse back downward forming a high quality Short Trade setup. I will continue to monitor this pair and will report when I see a valid daily Short Trade setup.