This currency pair has been in an ascending trend and without reformation trend since 30th April. By considering the daily chart and from the technical point of view we can expect that this trend reform its previous movement. Considering the Hanging Man pattern on 18th May and the next day candle which is a descending candle, on the whole make a descending pattern which is the sign of the fall of the price. Stoch indicator is also in the saturation buying area and it is expected to start is falling movement.
As far as when the resistance level of 1.02400 is not broken we can expect the reformation of the price and its return to the lower price.Right now, most of the buying signals in the smaller timeframes are so risky to be successful because in the daily time frame there is the possibility of the falling of the price.
Written by the technical team of FxGlory Brokerage[/lang]