Potential Buying Opportunities After the Break Of O.63

As we're on the brink of breaking below the 0.63 support, which has held steady for the past couple of weeks, and considering the lackluster strength in the recent upward bounce, it appears that a downward breakout is in the cards.

Taking a peek at the weekly charts, we spot a couple of intriguing levels just below, which are likely to catch the eye of potential buyers.

First up is the level at 0.61600, which happens to be last year's low. Interestingly, this low was established back in October 2022 and acted as a test of the weekly BUY/DEMAND zone formed in April 2020. From that zone, we witnessed a substantial rally, peaking at around 0.80, resulting in nearly a 2000-pip movement.

The initial test of this zone led to another 1,000-pip move. Given these circumstances, it's highly probable that we'll see some form of reaction at this level again, perhaps not as vigorous, but buyers will undoubtedly have their eyes on this area, as will I.

My plan involves waiting for the price to dip below 0.63 and approach the 0.62 mark. Subsequently, I'll scrutinize the shorter timeframe charts (1-hour, 2-hour) for signs of slowing momentum and indications of a potential bottoming out.

Following that, I'll be on the lookout for a BUY signal from my TRFX indicator, starting from the 4-hour timeframe and upwards.

The initial target for this position will be approximately 0.65, which aligns with the long-term trendline and a weekly swing high. This level is likely to attract sellers aiming to exert downward pressure, possibly pushing the market to new lows.

I've outlined the most probable path for this pair, expecting a pullback to 0.63 after the reaction at 0.65, followed by another upward leg towards the Monthly SUPPLY/SELL zone starting at 0.67.

It's important to note that this is a longer-term idea, and it's not anticipated to unfold overnight.