🔸DAILY CHART EXPLANATION:
🔸 This pair is on a strong downtrend, being affected by the global situation.
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🔸 At this moment, it is facing the previous Support Zone, which we consider as a double bottom pattern.
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🔸 We are waiting for a definition of the move, since it can bounce or break the Zone. If it breaks down, the target area would be the bottom trendline of the Descending Channel, and, if it bounces, the target would be the upper trendline.
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🔸 Due to the Weekly Analysis linked below, the scenario is mainly bearish. However, until the Support Zone is broken, it is not safe to make any decision.
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🔸 In case the direction is clear, we will look for a lower timeframe setup.
🔸WEEKLY CHART ANALYSIS:
🔸 This pair is on a strong downtrend, being affected by the global situation.
.
🔸 At this moment, it is facing the previous Support Zone, which we consider as a double bottom pattern.
.
🔸 We are waiting for a definition of the move, since it can bounce or break the Zone. If it breaks down, the target area would be the bottom trendline of the Descending Channel, and, if it bounces, the target would be the upper trendline.
.
🔸 Due to the Weekly Analysis linked below, the scenario is mainly bearish. However, until the Support Zone is broken, it is not safe to make any decision.
.
🔸 In case the direction is clear, we will look for a lower timeframe setup.
🔸WEEKLY CHART ANALYSIS:
