Recently the pair broke out of Support T.L from May 30th but it still seems to be holding onto the 0.72 floor.Right now we're focusing on the short term scenarios for the pair so we are going to closely keep an eye on the recently broken T.L support and see if price comes off it treating it as support turned resistance or not.Another thing to watch out here would be the 0.72 area. Let's say price reacts to the recently formed T.L resistance from September 8th and breaks past the support @ 0.72 we could expect to see a move back to the 0.7052 area and a deeper correction as the price will then retest the Support T.L from January 20th of this year.The charts for various scenarios are down below
BEARISH SCENARIO :
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BULLISH BREAKOUT SCENARIO :
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SHORT TERM FALLING WEDGE FORMATION ?
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PRICE RESPECTING RESISTANCE ON THE H4 BUT HOLDING ITS GROUND :
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BEARISH SCENARIO :
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BULLISH BREAKOUT SCENARIO :
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SHORT TERM FALLING WEDGE FORMATION ?
1.
PRICE RESPECTING RESISTANCE ON THE H4 BUT HOLDING ITS GROUND :
1.