I'm expecting price to return to the long term descending channel as there is a lot of liquidity there for the taking.
I expect this to happen via the channel breaking (wiping out stop losses) then price to continue downward. I have a trade idea already generated before price even reaches that destination, so when it does I am fully prepared for any scenario.
If you can try and look to the future then you will get a better feel for the markets.
Alternatively it might go down to 73.8 +/- 0.1 level then retrace back to 74.35 (just above where it is) retesting the grey support/resistance line you drew and then it will sink like the titanic.
joebrownFX
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@freddie1996, There is liquidity for the taking higher up, so if banks want price to drop they will do so from a higher price. They will make much more profits by doing so. Currently it looks like a stop hunt of traders who went long off the gray channel. This is liquidity to drive price upwards, but let's see.