Price Action Context

After pushing deeper into an area of multi-year support, price found strong support around 74.00 and bulls took the pair impulsively back above the ST key support that was broken mid-June. This price behavior suggests that a larger pullback, within the bearish LT trend, towards 77.50 is likely IMO.

Trending Analysis

LT bias is still bearish, but this ST reversal can open up for potential CT opportunities on weak pullbacks into the ST key support.

Key Support & Resistance Zones

R: 77.00 – 77.70
S: 75.00 – 75.40

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