This currency pair is ridden with failures as regards the bullish
price action that it comes quite naturally to expect further decline and new lows. There are two overarlapping action-reaction structures in work, both of them concurring with regard to the reaction line. In other words, two balance lines and two action lines point to the same reaction line. There are some levels of support on the way though that I've marked on the chart. We're just sitting on one of them. The CHF is very weak and its momentum is still declining. The JPY is relatively strong, though, admittedly, its momentum has been somewhat sapped as of late just as well. Caution, as usual, warranted.
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.