Price is technically in an uptrend on the 4H chart with several higher lows, we've the 1.3000 resistance zone been holding since September 10th, until Friday last week when we have a clear break above the resistance zone, which then give us a daily and weekly close above the resistance zone.
In view of that, we also have an ascending channel pattern inside which price been trading since September 21st until respecting the support and resistance ray lines with several touches, the resistance zone we broke above 1.3000 zone align with the support ray of the ascending channel.
A rejection in that zone will set price higher with target at last high @1.3160 zone, and a break above will set price higher with target @ 1.3400. It also worth to note that rejection will mean a monthly close above the resistance zone, which will so more significant for more upside.
WHILE, a break below the 1.3000 will also indicate a break below the ascending channel lower line, that on the other hand will set price lower with target next level of support at 1.2650 zone..
In view of that, we also have an ascending channel pattern inside which price been trading since September 21st until respecting the support and resistance ray lines with several touches, the resistance zone we broke above 1.3000 zone align with the support ray of the ascending channel.
A rejection in that zone will set price higher with target at last high @1.3160 zone, and a break above will set price higher with target @ 1.3400. It also worth to note that rejection will mean a monthly close above the resistance zone, which will so more significant for more upside.
WHILE, a break below the 1.3000 will also indicate a break below the ascending channel lower line, that on the other hand will set price lower with target next level of support at 1.2650 zone..