Price is close to a second touch of a longstanding support level, once it hits support price is expected to increase. Tight SL on this one, Do not enter just now, wait for price to drop further before entering any positions.
Not the best entry but still a decent entry level, price has broke out of an ascending trendline and has touched off of old support making it the new resistance.
On the Daily we can see price has not been able to break 118.500 area since 2016, Price has already touched off this resistance area and has began to fall. On the 4 hour we can see a descending trendline which is currently right at resistance level. Price has potential to break this 4 hour trendline but long term this pair is a short.
