Price has stalled around the 1.31600 level again. As you can see there is strong structural resistance.
There are two plays in mind, 1) A break through this resistance line, small retest and continual bearish movement. 2) A rebound from this line, and a bullish momemtum. I have marked a minor trend line on the 15minute chart for a tight entry. Stops for a bullish move could be around the 1.31500 mark.
There is divergence on the RSI to support my preferred bullish movement. This has occurred on numerous charts.
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Pair is making first bullish move
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Now has gone bearish and broken through support. Will re-analyse on new chart. Expect a restest