The price reached $1.07825 resistance and made a retrace back down to $1.06736 where it bounced back up, but returned down and broke below $1.06736 support level.
Next week we could see a price close to $1.06736 because the price closed the week below previous week close price and this week open price.
$1.06736 is now a base for buyers which they will defend and it will be a base for future moves to the higher price.
We now have $1.06736 as a support that will decide if the price moves down or up.
The price moved higher and reached a $1.07825 supply zone which was too hard to break.
From there the price returned down and formed a strong bearish engulfing candle that closed the day below previous weekly false breakout downwards.
Next week we could see a price close to $1.05825 which will be a breakout confirmation.
The possible level for the price to reach is $1.05600, which is high on the previous reversal attempts after sell off so we can expect the same reaction and target.
The $1.05087 and $1.05825 range is holding the price.
In the middle of the week we have a price trying to break outside of the range area above resistance $1.05825 level, but the price returned inside quickly.
We have now indecision for the price which must be defined by the breakout on the upside or downside.
The current support $1.05087 is stronger than $1.05825 as a resistance so this could be a decision factor next week.
On Monday we had an indecision candle where the bulls tried to push the price up, but the price closed the day close to the open price.
We can see the price has entered into the downtrend channel and reached the demand zone and bounced back to test the downtrend channel resistance line.
The pin bar has formed right on the support level which is weekly and monthly support that had retraced in the past.
We can use this price action signal on the support level and look for the exit on the first resistance at $1.02975.
The price on Monday has made a first step to make a breakout reaching first resistance level $1.01368 and breaking above with a wick
This was a small signal the price will reach a higher level because the small breakout from the previous week’s small range.
The next week’s target is to break above $1.02975 resistance level.
Because the price is right in the middle between support and resistance levels it is good to wait until the price reaches a lower level close to $1.01368
The price broke out on Monday with a small bullish candle which continued for the next two days.
The price managed to reach the first small supply zone around $1.00570 and then stopped.
For the next week we need to wait for the price to make its way outside of the indecision area like this week.
If the price breaks out to the downside and the second candle closes below the first candle it will be indication of bearish pressure and price will mode to $0.96716 support level.
The breakout was a false one on Tuesday and what usually happens after a false breakout the price moved in the opposite direction.
Friday shows price decline after traders taking profits around $1.01368 who bought the price at the $0.99314 which activated a sell off returning the price down.
Next week we need to see the price above the small downtrend channel resistance line with daily close above which will allow price reaching $1.01368 level.
We can expect bearish candle at the confluence area of resistance with price targeting to reach the upper side of the current indecision area which is around $1.0000. Currency strength meter
On Monday the price formed a bullish candle with daily close above previous day candle close.
This was indication the price is continuing moving in the same direction as the previous week has ended.
The first small support and demand zone that will hold the price is $0.96000 price that acted as a support in the previous bearish attempt to reach lower levels.
From there we can expect the price to return back up and if the bulls are strong enough the price could reach the first supply zone at $0.98300.
The price reversed from that demand zone and formed a strong bullish engulfing candle that took the price back to downtrend channel resistance line which is a small confluence of resistance with supply zone at $0.98300.
Higher price level where we can expect the price is around $0.99134 which is the first strong resistance for the price.
On a weekly time frame and monthly time frame we have a price in between support and resistance level where a bullish scenario is likely on a short term.
The price had indecision on Tuesday and Wednesday which shows sellers and buyers strength to move the price in their direction.
This shows a false breakout from the indecision area to the upside so we could expect a move to the downside at least to the $0.96716.
The daily overview shows that the price could return back down to $0.96716 support level, but there is no clear signal that the price has enough strength to move down below this support level.
This means if the price closes below on a daily time frame we will see the price heading down to $0.96000 which is the first support level.
