As you see in the daily chart, price is bouncing in the ascending parallel channel but it seems like the bullish pressure is decreasing and US dollar is going to be weak.
Currently, price is below the Friday’s low (92.780) but still above weekly low (92.500).
Moreover, a reversal triple top pattern has been created inside the channel.
Since parallel channels are likely to be broken out to the opposite side, if price breaks the weekly low to the downside and closes below it, we can expect a fall around 91.500 which is a support level and then to 91.00
Otherwise, if the weekly low wasn’t broken out and it pushed the price to the upside, price will stay in the channel and rises to the channel’s upper band around 93.300
Currently, price is below the Friday’s low (92.780) but still above weekly low (92.500).
Moreover, a reversal triple top pattern has been created inside the channel.
Since parallel channels are likely to be broken out to the opposite side, if price breaks the weekly low to the downside and closes below it, we can expect a fall around 91.500 which is a support level and then to 91.00
Otherwise, if the weekly low wasn’t broken out and it pushed the price to the upside, price will stay in the channel and rises to the channel’s upper band around 93.300
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