Welcome to April. So the 3-month and 1-month candle has painted. Price action is currently holding around the 1.17191 area, but for how long?
This is a significant level, but I’m not convinced it’ll end up being our local low. I’m more interested in 1.16163 for a reversal.
How high can we bounce?
I think scenario A is most likely. If we pop higher, expect to see resistance at 1.17806 and 1.18051.
On the lower time frame we can see a continuation pattern to back up scenario A.