Long term trend: Down
Medium term trend: Down
Significant levels: 1.1350 (Horizontal Support), 1.1650 (Horizontal Resistance), 1.1000 (Significant Round Number), Downtrends, Fibonacci Retracement
As of writing, the price is just above the support line. The market rejected the 1.1150 price level and has been moving up since then. Definitely, we are still bearish on this currency pair. As we are now near the support area, we cannot place our Short order here. Preferably, we want the market to move up to 1.1650, which is also the 61.8% retracement in our Fibonacci retracement line. If the price reached that level, it is likely that the price will reject it. That would be a great opportunity for us to place our trade.
The price recently broke the short term downtrend line as can be seen in the chart. This line could still be respected by the market, which could be a support line as well - probably for a short term period only.
Trade well.
Medium term trend: Down
Significant levels: 1.1350 (Horizontal Support), 1.1650 (Horizontal Resistance), 1.1000 (Significant Round Number), Downtrends, Fibonacci Retracement
As of writing, the price is just above the support line. The market rejected the 1.1150 price level and has been moving up since then. Definitely, we are still bearish on this currency pair. As we are now near the support area, we cannot place our Short order here. Preferably, we want the market to move up to 1.1650, which is also the 61.8% retracement in our Fibonacci retracement line. If the price reached that level, it is likely that the price will reject it. That would be a great opportunity for us to place our trade.
The price recently broke the short term downtrend line as can be seen in the chart. This line could still be respected by the market, which could be a support line as well - probably for a short term period only.
Trade well.