The currency pair is trading well below 0.8684, which is the 23.6% Fibo retracement of the rally from 2015 low to 2016 high.
The Daily RSI and the MACD favor further losses.
Thus doors remain open for a drop to 38.2% retracement seen at 0.8349. On the way lower the pair could find some respite around 0.8556 (38.2% of 0.6535-0.9805).
Short-term bearish invalidation is see only if the pair closes above 0.8684 levels.
The Daily RSI and the MACD favor further losses.
Thus doors remain open for a drop to 38.2% retracement seen at 0.8349. On the way lower the pair could find some respite around 0.8556 (38.2% of 0.6535-0.9805).
Short-term bearish invalidation is see only if the pair closes above 0.8684 levels.
