On the monthly timeframe we can clearly see that we are within two ranges of price. The 1.4000 level is our major resistance level and the 1.27300 level is our major support. Last week we had a large sell off to the downside which will most likely be followed by some sort of retracement.
On the h4 timeframe we can see that there are multiple areas to potentially take short opportunities. We have the 1.32000 level which lines up with the previous LH point and the 38.2% This area is not as strong and does not contain as many confirmations as the 1.3300 level which lines up with the 61.8% fib level.
On the h4 timeframe we can see that there are multiple areas to potentially take short opportunities. We have the 1.32000 level which lines up with the previous LH point and the 38.2% This area is not as strong and does not contain as many confirmations as the 1.3300 level which lines up with the 61.8% fib level.