The pair has been moving in a downtrend over the previous period due to important economic data as well as developments on the political scene. All of this has exerted pressure on the pair to decline, allowing it to reach important and strong support levels.

Looking at the indicators, we find that the RSI indicator on the 4-hour timeframe has entered the rebound area and has broken above the level of 20. On the same timeframe, we see that the OSMA indicator has shown a rebound signal, with the indicator lines starting to rise. The Forex Trade Time team’s analysis also confirmed the MACD indicator’s bullish signal.

On the daily timeframe, we see the price around a strong support level, from which it has bounced several times, with a clear reversal appearing on the RSI indicator.

During the upcoming period, we may see a rebound of the pair, and there may be opportunities to capitalize on this during the coming period.

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