In last week's bar, price reached the 0.89s with a bull candle and has made a new high at 0.8941 within the current week's bar before reversing. At the time of writing, price has taken out previous bar low, turning itself in an outside bar. Macd and Stoch are suggesting a possible move downwards. A breakout of the high or the low of the current bar would lead to a more clear scenario. If next week's bar breaks to the downside, more than likely price will continue to the downside to test previous support zones (0.86s then 0.85s). If next week's bar breaks to the upside, might suggest a possible bullish sentiment that could lead to test previous highs (0.9150/53 then 0.94s)
Daily
In the chart below we can see how price has climbed to the 0.89s with a high of 0.8941 on monday's candle. As an observation, note how price climbed even though from last post the indicators were suggesting an immediate change of direction (are you confident with indicators still?). On monday's close, with still divergence on macd and stoch in overbought zone, price just dropped. I've drawn a regression channel to analyze, which has been broken suggesting further decline in price, but price might be just in a taking-profit phase from the current uptrend thus a climb beyond the 0.89s is possible. Let price to tell the story.
4H
I've attached the 240 chart where we can see the narrow cluster that suggested a possible reversal between 0.8893/0.8923. Also can be seen an upward trend channel in blue with a false breakout with continuation in direction of the trend, and then the real breakout. Right now price is testing a support area consisting in previous lows. A break to the downside would suggest a possible movement further to the downside to support areas at 0.86s and then 0.85s. We might have a bounce up and develop a right shoulder for a complex head and shoulders pattern. Stochastics has had a bullish crossover and is pointing up.
Final words... The higher timeframes are better guides than shorter ones. Are indicators reliable? Price is the best indicator.
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