Price is into a large weekly resistance. It looks like a better retest of the trendline support broken towards end of 2016 on 9th October but there are no signs of major reversal to the downside quite yet.
More upside will be confirmed by close of weekly candle above the green trendline R resistance.
Reversal to downside/ confirmation of retest will be confirmed by weekly candle close below red trendline S support.
This confirmation may lead price to fall into an immediate strong support zone around 1.09098 marked by the black horizontal line T.
Ok, So what do we do as we wait for larger time frame confirmation? Answer: Keep the trading on the lower time frames like hourly or 4-hourly within the zone/channel created by the S and R trendlines.
