Before I start my analysis, I would like all of you to refer to my previous analysis and read through it. Link is below.
Our last analysis, we went short and our analysis when exactly where we wanted. It rejected from the resistance level @1.6580 and I did say we will be looking to see it back at its old trend. Interestingly, we did not see a test at the old trend resistance line but having said that we can still see a retest from the strong resistance line (once a strong support level). I believe there will be a rejection from that level and we will be heading within our old tend support and resistance level (bold lines). As long as bearish signal forms at the sell zone (Red area), we could potentially see a reversal.
Our last analysis, we went short and our analysis when exactly where we wanted. It rejected from the resistance level @1.6580 and I did say we will be looking to see it back at its old trend. Interestingly, we did not see a test at the old trend resistance line but having said that we can still see a retest from the strong resistance line (once a strong support level). I believe there will be a rejection from that level and we will be heading within our old tend support and resistance level (bold lines). As long as bearish signal forms at the sell zone (Red area), we could potentially see a reversal.
