The pair is in a strong downtrend. It is undergoing a corrective rally as it has printed several rejection signal on the support at 1.55 region. The previous candlestick also closed near the high signifying the underlying bullish momentum.
The rally could potentially continues towards key resistance at 1.875 which coincide with the EMA 21 and 1.175 which coincide with the EMA 8.
This area in between is a strong supply zone. The pair would likely found resistanc between this area. More confirmation is need on the daily chart on how it react with the EMA 8 on the 1.175.
Bias
Long-term: Short
Short-term: Long
The rally could potentially continues towards key resistance at 1.875 which coincide with the EMA 21 and 1.175 which coincide with the EMA 8.
This area in between is a strong supply zone. The pair would likely found resistanc between this area. More confirmation is need on the daily chart on how it react with the EMA 8 on the 1.175.
Bias
Long-term: Short
Short-term: Long