Monthly: Price is currently at a level of previous Resistance, which may act as support. It is KEY ZONE, because either a break or bounce may occur.
Price crossed below the 200MA indicating bearish bias
Weekly: since mid 2009 lower lows and lower highs formed. However since march pair in a bit of consolidation. Therefore, If pair does breakout to the downside, it may be rather explosive
Daily: MA crossing over to downside.
Likely move now is a third touch of the trendline, as indicated by the red arrow. If broken, new lows to be expected with immediate target being the round number of 0.7000, then 0.6950, which is the -27% fib level.
However, if the trendline holds, then price may move back up to give a third touch in the descending trendline (triangle pattern), as shown by the blue arrow.
Price crossed below the 200MA indicating bearish bias
Weekly: since mid 2009 lower lows and lower highs formed. However since march pair in a bit of consolidation. Therefore, If pair does breakout to the downside, it may be rather explosive
Daily: MA crossing over to downside.
Likely move now is a third touch of the trendline, as indicated by the red arrow. If broken, new lows to be expected with immediate target being the round number of 0.7000, then 0.6950, which is the -27% fib level.
However, if the trendline holds, then price may move back up to give a third touch in the descending trendline (triangle pattern), as shown by the blue arrow.