Weekly has formed an overextended W structure. This pair is in real need for a retracement as it is overextended on weekly and daily timeframes.
The only issue we have right now is that the market is supported by 2 trendlines. Plus we have a daily horizontal resistance on 0.701 area. Once those supports are broken. We might retest the previous monthly resistance area that is now turned support on 0.69ish levels
The only issue we have right now is that the market is supported by 2 trendlines. Plus we have a daily horizontal resistance on 0.701 area. Once those supports are broken. We might retest the previous monthly resistance area that is now turned support on 0.69ish levels