On the weekly timeframe we can see that price formed a bullish engulfing candle last week. If we head to the upside here then we could very well be on our way to retest the previous high point.

On the H4 timeframe we can see that price clearly broke momentum to the downside and it could be time for a move to the upside. I will want to see how price retests the 1.38750 level before going back to the highs


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