Ranging on W1 and D1 with possible long entry at 1.9150
Multi Timeframe Analysis
Monthly
The pair had been trending downwards since Sept 2020 but started a weak bullish retrace beginning Dec 1
Weekly
The pair is in a highly compressed ranging zone on the weekly charts leading to indecisive long term view of where the pair will go.
Daily
The pair had been testing strong daily resistance (shaded box) but hasn’t breached it yet. Of note are the lower lows.
Recommendation
Since the pair is above the 10 period EMA, and the Monthly chart suggest an upward retrace there is a potential entry above the D1/W1 resistance zone at 1.9150. Ensure that the 4H indicators are bullish should you decide to enter
Monthly
The pair had been trending downwards since Sept 2020 but started a weak bullish retrace beginning Dec 1
Weekly
The pair is in a highly compressed ranging zone on the weekly charts leading to indecisive long term view of where the pair will go.
Daily
The pair had been testing strong daily resistance (shaded box) but hasn’t breached it yet. Of note are the lower lows.
Recommendation
Since the pair is above the 10 period EMA, and the Monthly chart suggest an upward retrace there is a potential entry above the D1/W1 resistance zone at 1.9150. Ensure that the 4H indicators are bullish should you decide to enter