On weekends I like to take a look at larger time frames and see what is the picture.
I look at the monthly chart first, marked one recent swing high and one swing low. There have been 4 attempts to break above that swing high (marked with blue ellipse). Each time price was pushed slightly higher. It is very likely that a large move down will follow.
Could go as low as the previous swing low at around 1.2750.
Another possibility is that recent weekly lows (marked with white rectangles) will be ta…
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