1.1550 support in view.
Noting monthly price trading above trendline resistance, albeit within the parapets of supply, and daily price dethroning resistance at 1.1553, the higher timeframes indicate additional bullish sentiment could be in store until reaching a 5-wave completion around 1.1669.
Shorter term, however, has H1 fading supply at 1.1631/1.1614 which recently reclaimed 1.16. Note this is further bolstered by the H4 resistance area at 1.1628/1.1600.
A drive to 1.1550 support on the H1 would be interesting, serving not only as a downside target for short sellers under 1.16, but also as a platform for potential bullish strategies in line with higher timeframe direction.
Shorter term, however, has H1 fading supply at 1.1631/1.1614 which recently reclaimed 1.16. Note this is further bolstered by the H4 resistance area at 1.1628/1.1600.
A drive to 1.1550 support on the H1 would be interesting, serving not only as a downside target for short sellers under 1.16, but also as a platform for potential bullish strategies in line with higher timeframe direction.
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