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Weekly Time Frame:
Daily Time Frame:
Weekly time frame: Price managed to break and close below 1.29000 key psychological with a strong weekly engulfing candlestick. This zone is well a well respected support and resistance level. Notice how price failed to create a new higher high and managed to break below support to form new lows.
Daily time frame: Price managed to break below the first trend line and now testing previous support and resistance levels as new resistance.
If price manages to stay below this zone and a break and close off our next trend line, will confirm sellers are attempting to push price lower. If this is the case anticipate shorts to 1.27500 key psychological. Although if price manages to break above 1.29000 and closes back in range (fake out) price can continue to create new highs.
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