Simplified analysis Overall thesis: 1. Multi-year support (1994-2020) that spanned decades had just recently broke.
Price action 1. Recovery from an impulsive selloff 2. Confluence of resistance zones - Recovery heading for a retest of the broken multi-year support turned resistance. - Also heading for a retest of a horizontal resistance (in blue).
Trend integrity 1. Downtrend since 2014.
Trade type: Position trade. Long term (3 weeks to 1.5 years) trend trading. Stops placed around 0.6834. Dynamic stops will be activated if setup fails to build integrity, structure and momentum.