On the chart, we see that the pair broke through the support level and fell below the moving average MA (120), which may indicate a change in the medium-term trend and at the current moment we see confirmation.
We believe that this is not a false breakdown and the pair will go further downwards. Based on the Elliot wave theory, the 3rd wave is formed, which should be stronger than the first one and has the potential to advance to the level of 1.2805. We advise to take short positions in the pair and consider the marks near levels of 1.29, 1.2860 and 1.2810
We believe that this is not a false breakdown and the pair will go further downwards. Based on the Elliot wave theory, the 3rd wave is formed, which should be stronger than the first one and has the potential to advance to the level of 1.2805. We advise to take short positions in the pair and consider the marks near levels of 1.29, 1.2860 and 1.2810