Long term trend: Down Medium term trend: Down Significant levels: 1.2000 (Significant Round Number), 1.1650 (Horizontal Resistance), 1.1350 (Horizontal Support), Downtrend
After ECB's announcement yesterday, the price went down, as expected. The market found a new support way down to 1.1350. This support is a solid one. We can expect the price to consolidate for some time here, probably until the price touched the downtrend line.
The downtrend line is steeper than normal. Therefore, we could expect to see a retracement in the near future. We will have a lot of opportunities to sell this currency pair as the market will not go anywhere but down.
We are very bearish on this pair. There's no way we will place a long trade here. It is very clear that the downtrend will be sustained for a long time. Just remember to sell near the resistance if a rejection of that level occurs. Trade well.
just fibo levels and downtrend channel