Price was rejected at the monthly pivot and weekly trend line. Price presently sitting below the 8 hr trend line and weekly trend line. Price also opened below the daily pivot. If price closes below the daily trend and weekly pivot there will be no obstacles to block fall to demand at .7208 which is also the S! of weekly and monthly. The alternative is price is supported at weekly pivot and held down by weekly trend - price trades sideways.
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kate25
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I think this is closer to what price is doing - if it breaks out of a cup and handle then the monthly pivot will challenged and R2 of the weekly price is above the 8 hr trend