Long term trend: Up
Medium term trend: Down
Significant Levels: 0.7690 - 0.7750 (Horizontal Support), 0.8000 (Significant Round Number and Horizontal Resistance), 0.7820 (Short term significant area), Rectangle
The price recently broke below the support area. The breakout was a failure. After the breakout happened, the price did not go down much further and it went back in the consolidation area, which is the rectangle. We are still bearish with currency pair and we still want to a breakout below the support area. But again, the 0.7820 level was recognized by the market yesterday and the price might go down again so this level is worth to consider.
Trade well.
Medium term trend: Down
Significant Levels: 0.7690 - 0.7750 (Horizontal Support), 0.8000 (Significant Round Number and Horizontal Resistance), 0.7820 (Short term significant area), Rectangle
The price recently broke below the support area. The breakout was a failure. After the breakout happened, the price did not go down much further and it went back in the consolidation area, which is the rectangle. We are still bearish with currency pair and we still want to a breakout below the support area. But again, the 0.7820 level was recognized by the market yesterday and the price might go down again so this level is worth to consider.
Trade well.