Expecting another move to at least the 1.21 area, even the 1.25 if demand remain in power.
In March 2020, price made a stop in action including an absorption of supply at the 1.06 area, followed by a change of character, supported by another absorption of supply with a strong wick rejection during April 2020, and a close with another strong wick rejection of 1.06 in May 2020. After price was moved upside the 1.16 area with a bullish engulfing candle on heavy demand volume. Following a test of the 1.16 zone and showed absorption of supply during september-october 2020. Then price is once again pushed upward on heavy demand volume with bullish engulfing candles to the 1.24 zone at the beginning of 2021.
Monthly; Last February price closed at the 1.205 area showing absorption of supply and this monthly candle that is currently formatting is also showing some absorption of supply. But supply seems showing a considering presence, which makes me stay on my guards. Holding the idea of it going back to at least 1.24 again as long as price doesn't break under 1.16
What's is your opinion on it ?
In March 2020, price made a stop in action including an absorption of supply at the 1.06 area, followed by a change of character, supported by another absorption of supply with a strong wick rejection during April 2020, and a close with another strong wick rejection of 1.06 in May 2020. After price was moved upside the 1.16 area with a bullish engulfing candle on heavy demand volume. Following a test of the 1.16 zone and showed absorption of supply during september-october 2020. Then price is once again pushed upward on heavy demand volume with bullish engulfing candles to the 1.24 zone at the beginning of 2021.
Monthly; Last February price closed at the 1.205 area showing absorption of supply and this monthly candle that is currently formatting is also showing some absorption of supply. But supply seems showing a considering presence, which makes me stay on my guards. Holding the idea of it going back to at least 1.24 again as long as price doesn't break under 1.16
What's is your opinion on it ?