Lets take look back again.
This pair has been rallied from the beginning of the pandemic. After hitting its high on Jan 2021, it failed to create higher high and started falling since then.
You can see that it fell within descending channel and every level of fibonacci retracement areas. Yesterday with sudden fall, it reached fibo 61.8 level of the bullish run from March, 2020 and also hit the bottom line of the descending channel.
I expect we will see retracement back to fibo 5 area (1.148) at least. We could see break out from the descending channel soon, if current EU and US fundamentals shifts.
Let me know about your thoughts.
This pair has been rallied from the beginning of the pandemic. After hitting its high on Jan 2021, it failed to create higher high and started falling since then.
You can see that it fell within descending channel and every level of fibonacci retracement areas. Yesterday with sudden fall, it reached fibo 61.8 level of the bullish run from March, 2020 and also hit the bottom line of the descending channel.
I expect we will see retracement back to fibo 5 area (1.148) at least. We could see break out from the descending channel soon, if current EU and US fundamentals shifts.
Let me know about your thoughts.
