-Daily Chart Explanation:
On the daily timeframe we observe that price is inside a short term Descending Channel, and bouncing at its bottom. Also, on the rejection zone there are the Bottom of the Weekly Descending Wedge, and a Weekly Support Zone. Due to the previous items, we consider it is a strong support zone, so we may see a bullish movement in the short-mid term. The imminent target is the top of the descending channel, and if it is broke, then the Resistance Zone and the Descending trendline will be the potential targets. The long term zones are explained on the Weekly Chart below.
-Weekly Timeframe Analysis:
On the daily timeframe we observe that price is inside a short term Descending Channel, and bouncing at its bottom. Also, on the rejection zone there are the Bottom of the Weekly Descending Wedge, and a Weekly Support Zone. Due to the previous items, we consider it is a strong support zone, so we may see a bullish movement in the short-mid term. The imminent target is the top of the descending channel, and if it is broke, then the Resistance Zone and the Descending trendline will be the potential targets. The long term zones are explained on the Weekly Chart below.
-Weekly Timeframe Analysis: