Our expectations: Medium-term downward movement and correction to resistance levels.
SL: 1.8053
Price action: absorbing bar at the level of resistance.
Comment:
The pair is preparing for a new bearish momentum after reaching dynamic levels: a high horizontal level and up to 50% Fibonacci.
The closure of the last candles below these levels and the last swallow bar shows the bullfighting of the bulls, which gives us good levels of positioning.
The price reaches 50 SMA from bottom to top, failing to break through.
DeMarker turns over 0.7, which is also a sign of a decrease.
Alternative scenarios: breakthrough, test, and repulsion from strong resistances will trigger multiple long positions.
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