Weekly Chart:
On higher time frames this pair is trading under a heaving downtrend. With major support levels represented by the BOLD DOTTED BLUE LINES.
4H Chart
* On the 4h and the daily chart, prices are trading below the 200 and 50 DMA suggesting further weakening.
* Prices broke the key 0.7696 support level to form a new strong support at 0.7369.
* Prices are re-bounding from this support to re-test higher prices before it could breach that support level to the downside and form a major breakout.
* I believe that prices will move up to find resistance at the 0.618 retracement of the down-leg. After reaching that point prices can then find sellers to push down prices to resume the trend.
* There is a high probability that prices will re-test this area not only because it is at the important 0.618 retracement of the down-leg, but also it is the 2nd of April, 2015 major support (found at the not-bold dotted blue line)
* Selling Price: 0.75401
* Take Profit 1: 0.73699 (Support)
* Take Profit 2: 0.72277 (1.618 retracement of the forecasted upmove).
On higher time frames this pair is trading under a heaving downtrend. With major support levels represented by the BOLD DOTTED BLUE LINES.
4H Chart
* On the 4h and the daily chart, prices are trading below the 200 and 50 DMA suggesting further weakening.
* Prices broke the key 0.7696 support level to form a new strong support at 0.7369.
* Prices are re-bounding from this support to re-test higher prices before it could breach that support level to the downside and form a major breakout.
* I believe that prices will move up to find resistance at the 0.618 retracement of the down-leg. After reaching that point prices can then find sellers to push down prices to resume the trend.
* There is a high probability that prices will re-test this area not only because it is at the important 0.618 retracement of the down-leg, but also it is the 2nd of April, 2015 major support (found at the not-bold dotted blue line)
* Selling Price: 0.75401
* Take Profit 1: 0.73699 (Support)
* Take Profit 2: 0.72277 (1.618 retracement of the forecasted upmove).