The current downtrend is now likely to be overdone. I would expect the price to correct to the upside in the short term. Bulls would have to wait for the price to form higher high on the intraday chart. This would have to print towards 0.7350 and drop back to 0.7260 to be a valid setup. 0.7260 is a strong local support and it is likely to attract some buyers. Stops should be placed below the most recent low at 0.7140
Short term bears would enter their positions at around 0.7250. This is the recent resistance, former support. It is likely to attract sellers again. The momentum indicators are now signalling that deeper correction to the upside might take place. I would advise bears to wait and see if the price is able to breach 0.7350. If this is the case, there could be more short opportunities around 0.7480. This is a major and a 50% Fib retracement from the most recent high/lows. This will be eyed by many bears and the price is likely to react to it once again.
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