That is where a resembling pattern has occurred that is pulling back from highs of 3.34 levels.
patterns at 3.3149 and 3.3121 levels are occurred to plummet the prices below 7DMAs. Thereafter, you could see a steep slump upto the current levels of 3.2369.
However on a broader perspective, in the recent times, it has managed to test the strong supports at 3.2019 (i.e. 38.2% Fibonacci levels on monthly plotting) to bounce back again but upswings are restrained at the same resistance levels.
Most noticeably, the current price behavior in the major trend goes in whipsaws pattern on 21&7-EMAs & 38.2% levels, the current prices are well below EMAs in this time frame.
Both leading oscillators ( and curves) have shown indecisiveness on this timeframe but indicate strength and intensified momentum in ongoing selling sentiments on daily terms, historically it has shown the faded strength at the same levels.
While also signals downswings to prolong further.
Overall, the major trend has turned into corrective modes for more than two years, ever since has occurred at peaks of uptrend at 4.0093 levels it has tumbled retrace more than 38.2% Fibonacci levels.
Since, both leading, as well as lagging indicators, are in bears’ favor, deep slumps are most likely. Well, on trading perspectives, it is worth to snap rallies and deploy tunnel spreads using upper strikes at 3.2434 and lower strikes 3.2196 levels where it is likely to test next strong supports.