With that being said, a lower high should be anticipated to follow the downtrend. We breached the 0.70250 monthly key, however we were unable to close below it with enough momentum. Price looks short term for now looking at the daily and 4HR time frame. Today looks indecisive as where price wants to move, however we re sitting on the 38.2% Fibonacci level. This may give us a better buy entry for INTRADAY traders seeing 0.70250 met once again before moving towards the 61.8% which is my favoured entry to go SHORT. The 61.8% accompanied with the 3rd touch of the descending as well as creating a formation seen with the 28th of February . This zone shown hi lighted is also seen as clear resistance/support in the past. Downside targets will be around the 0.69000 price region.
However, if this is not respected, my bias will change to long with a break and retest of the . This short analysis will then be invalidated.
Long term I do see rising, however for now, my bias remains short.
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