Medium term trend: Down
Significant Levels: 0.8000 (Significant Round Number & Horizontal Resistance), 0.7780 (Horizontal Support), Downtrend,
The price reached our new support line. This support line is a pretty solid one. The monthly chart also recognized this . Even though that is the case, we are still on this currency pair.
The 0.8090 level is the next significant level after the psychological area of 0.8000. Current price is now near our of 0.7780. We would like to trade this pair if the price goes up near our and/or round number. We can see how significant our is. It was tested many times and is still solid. There are false breakouts which indicate that the is still being respected by the market.
We are looking for some retracement right now. could be useful for that. It seems that the is the most significant Fib level right now because it coincides with the psychological level. If the price retraced back to 50%, that could be a good opportunity for us to go Short.