Daily analysis
I
I
- It seems price has rejected the weekly downward trend line last week.
- RSI seems to be diverging downwards too.
- If we see a break and close below the 0.6385 zone then we can look for opportunities to short.
Note to be careful with stop placement as the retest of this zone on 9th March (white arrow) had a very long rejection wick.
4H analysis
- Price is currently retesting the zone around 0.648
- If we see a 4H rejection candle it may be a good early entry to catch this potential short trade but runs the risk of a rejection of the much stronger zone below.