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Monthly Time Frame: Starting on the higher time frame we can see how price shot all the way up to 2.07000 and retraced all the way back to previous monthly resistance 1.97500 key psychological.
Weekly Time Frame: Scaling down we can see a more refined view of the market. Reading price action, specifically last week's closure, we can see how we closed off a strong rejection candle (showing signs of rejection to the downside).
Daily Time Frame: Scaling down to the daily we can see how price broke previous resistance as newfound support. If we are looking to buy considering we are still in an uptrend, we would like to see price maintain above this area.
4Hr Time Frame: If price manages to hold above this area of support, we can anticipate new higher highs and lows to 2.00750 key quarterly psych. Although if price breaks and closes back below this support, we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
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