Price has reached the next major support below the 1.50 level as specified before. The pair
has lost more than 2/3 of its value in 2 weeks and it is hard to know if this will be the end
of its decline. Next support is the S1 confluence zone between 0.50-0.65, with emphasize
on the 0.65. If one really digs deep, and takes the Head & Shoulders pattern target,
it stands around 0.02 or the price in April 2017. Let's hope we don't see such a development.
Bulls would like to see price bounce and take out the 1.22 level for a start.
Resistance is at Weekly S1. 1.33 and of course the previous support zone around 1.50 and
specifically 1.55.
Overall the pair has fell to the major support level without much of a bounce at this point.
If the level holds, we might see more consolidation and gradual appreciation, perhaps with another
wash and rinse of the 0.87 level. A slight relief can be noticed by the fact that price hasn't
dropped below the Daily S1 today, which could be the early signs of a bottom.
If you want to support this channel check out the
profile page at the top for details. Thanks.
has lost more than 2/3 of its value in 2 weeks and it is hard to know if this will be the end
of its decline. Next support is the S1 confluence zone between 0.50-0.65, with emphasize
on the 0.65. If one really digs deep, and takes the Head & Shoulders pattern target,
it stands around 0.02 or the price in April 2017. Let's hope we don't see such a development.
Bulls would like to see price bounce and take out the 1.22 level for a start.
Resistance is at Weekly S1. 1.33 and of course the previous support zone around 1.50 and
specifically 1.55.
Overall the pair has fell to the major support level without much of a bounce at this point.
If the level holds, we might see more consolidation and gradual appreciation, perhaps with another
wash and rinse of the 0.87 level. A slight relief can be noticed by the fact that price hasn't
dropped below the Daily S1 today, which could be the early signs of a bottom.
If you want to support this channel check out the
profile page at the top for details. Thanks.
