The price completed a another pattern at that area as shown on chart, and broke below the neckline of the pattern at 0.7195. Given these technical developments, further downside has higher chances.
A potential target is at the minor shown on chart currently around 0.6975.
0.7295 should remain intact for this scenario to remain favored for me.
The countdown has started.. Check out The Forex Channel all-new coming soon page with a countdown timer to launch date, visit and subscribe at http://thefxchannel.com
My Best Regards
I know the monthly chart is not often used to trade but looking at the picture i feel that it is in down trend now, we are out of up trend channel and moving down. Area 0.67600 needs to be watched carefully braking it, 0.60600 is very important level if we go below previous structural low then it will be the conformation of down trend. What do you think about this?
Coming back to daily charts. This setup can be used to short or long at given levels.