Price has reached the pivot confluence area 1.0960-75, as well as the lower channel line.
The 50% Fib stands just below the channel at 1.0947. A close below this latter level will
increase chances of a breakdown which could potentially see a drop towards Multi Year Low.
However, next support stands at the Monthly PP and the 61.8 Fib of latest swing. A bounce
from this latter level could give opportunities to add to shorts.
IF price finds support by the current level, it may give opportunities to long the pair aiming for
initially a return back to Monthly R2 (1.1115). The bounce in stocks though, hints that a break down
is brewing.
The 50% Fib stands just below the channel at 1.0947. A close below this latter level will
increase chances of a breakdown which could potentially see a drop towards Multi Year Low.
However, next support stands at the Monthly PP and the 61.8 Fib of latest swing. A bounce
from this latter level could give opportunities to add to shorts.
IF price finds support by the current level, it may give opportunities to long the pair aiming for
initially a return back to Monthly R2 (1.1115). The bounce in stocks though, hints that a break down
is brewing.