Last month we saw the break of the all important 106.000 psychological level support zone.
Price had recovered from the subsequent drop in price, however I believe we are experiencing a break and retest scenario of 106 and will see further decline back to the previous swing low, at least, if not further.
Yesterday's daily closure signified a slowing in bull momentum (long upper shadow/wick) which I anticipate will be the reversal point for the incoming drop.
Price is consolidating on the lower timeframes so I will be monitoring closely in hope of a break to the downside.
Price had recovered from the subsequent drop in price, however I believe we are experiencing a break and retest scenario of 106 and will see further decline back to the previous swing low, at least, if not further.
Yesterday's daily closure signified a slowing in bull momentum (long upper shadow/wick) which I anticipate will be the reversal point for the incoming drop.
Price is consolidating on the lower timeframes so I will be monitoring closely in hope of a break to the downside.
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