Price fell back to previous resistance, now turned support
around previous top at 2.47 or slightly above and the pair is
now showing signs of recovery and is advancing. The channel
worked as resistance yesterday, and may continue to do that.
The Monthly/Yearly R2 confluence zone is at 3.80-4.00 which
may cuase another sell off if price reaches this level.
If price fails to take out current highs and returns right back
we might see a test of the channel floor but as long as price
trades inside it, trend remains strongly bullish.
Overall, price has corrected in a harmonic way, similar to
previous correction, and might be ready for more upside.
around previous top at 2.47 or slightly above and the pair is
now showing signs of recovery and is advancing. The channel
worked as resistance yesterday, and may continue to do that.
The Monthly/Yearly R2 confluence zone is at 3.80-4.00 which
may cuase another sell off if price reaches this level.
If price fails to take out current highs and returns right back
we might see a test of the channel floor but as long as price
trades inside it, trend remains strongly bullish.
Overall, price has corrected in a harmonic way, similar to
previous correction, and might be ready for more upside.