Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number & Horizontal Resistance), 0.7780 (Horizontal Support), Downtrend, ,
A small pattern was formed on this chart. The price consolidation remained for more than two weeks now, which indicates that the market is indecisive on which way to go. The range is about a hundred pips. Again, the range is so small that the market really don't know which direction they want to go. The price, as can be seen in the , didn't close or open outside the . We are here, therefore, we prefer for the price to break below the pattern. This can also serve as the now as this is near our Horizontal Support.
Another possibility is that the price might reach the before going back down. The bottom line is that we are bears and we are going to sell this currency pair. Trade well.