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Monthly Time Frame: Starting on the higher time frames, we can see how price tapped previous areas of resistance 1.14000 key psychological resistance and rejected. Next monthly support is 1.05000.
Weekly Time Frame: Scaling down to the weekly we can see that price managed to break previous weekly lows and is now testing as resistance. Also notice the size of this weekly candlestick and how confident bears are looking.
Daily Time Frame: On the daily, price is testing previous support as newfound resistance. Now we can see a bounce or break situation.
4Hr Time Frame: If price manages to stay below this zone 1.08000 key psychological resistance, we can anticipate shorts down to 1.05000 key psych. Although if price manages to break and close above this zone then look for potential longs to 1.10500 (target 1). Due to uncertainty of market fluidity, risk management is highly recommended.
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