On the monthly timeframe we’ve seen some rejection off of a monthly level of resistance but we still have a lot more to prove as there are no clear bearish variations. Down to the weekly we formed an evening start last week which could signal further downward momentum. Overall we are still in an uptrend though on this timeframe. The daily timeframe is overall bullish and I will go down to the H4 timeframe to look at structure. I am ideally looking for a long opportunity in the 1.20500 level. We will take a trade based on price action confirmation.



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