Start of downtrend in higher timeframes. break of consolidation zone in 4h. retest of this zone showing clear price rejection+ large pin bar.
Potential right shoulder on the daily chart .
multiple touched downtrend line has been broken, we can also see a clear rejection of the re-test of this trendline.
Possible mid term uptrend before the downtrend continues
These are possible scenarios that may occur on this pair.
Price has recently closed above the strong inner trendline after reacting off the 1.2450 level.
I will be looking for long opportunities after a close above the 1.2900 level , as i believe this level could still be an area for trend continuation.
