In the past, 1304.66 served as a very solid Support level being retested a couple of times and offered a wave of buying sensitivity whenever price tapped this level. It as however breached at the beginning of the month and holds great potential for being a resistance level. With appropriate confirms on this level, short positions will be opened to take the pair lower. It is just a matter of waiting it out. Getting a third touch reaction off the trendline will serve as additional confirms
Note
Trendline broken. Bias no longer bearish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.