Two weeks ago sellers managed to break down uptrend line that is in tact since NOvember 2013 but buyers regained control as price is above all key moing averages on Daily timeframe as well as intermidiate 4 hours timeframe.
Now, it is building upper level base in front of intermidiate down trend line. Recent lower highs and lower lows tell us about weakness in this pair.
Resistance zone at 1.68350-.450 where I will be watching for potential short opportunities on short timefrmae like 5-15 minutes. Break up of this zone could lead to next swing high at 1.68800 then we have 1.69200.
Level of support at 1.67800 which was resistance. Back and hold below could lead to lower prices right to the bottom of this bear channel.
Now, it is building upper level base in front of intermidiate down trend line. Recent lower highs and lower lows tell us about weakness in this pair.
Resistance zone at 1.68350-.450 where I will be watching for potential short opportunities on short timefrmae like 5-15 minutes. Break up of this zone could lead to next swing high at 1.68800 then we have 1.69200.
Level of support at 1.67800 which was resistance. Back and hold below could lead to lower prices right to the bottom of this bear channel.
