Long term trend: Down
Medium term trend: Down
Significant levels: 1.3000 (Significant Round Number), 1.2500 (Horizontal Resistance), 1.2500 (Horizontal Support)
Downtrend is still intact. Bears are still in control. There is still lots of room for this pair to decline further. Yesterday's candlestick was a big bearish bar. It is likely that the price will break below the support line this week. As can be seen in the chart, the support line was tested by the market twice (Nov. 07 and Nov. 24 bar). This means that if the market successfully breaks the support line, it would be a sudden and big move. Though we do not prefer to trade this kind of move, it would be better to consider this. What we prefer to trade is the retracement of that big move, then place a Short trade after the price action says so.
There is no trade for now as the price is approaching the support area. Trade well.
Medium term trend: Down
Significant levels: 1.3000 (Significant Round Number), 1.2500 (Horizontal Resistance), 1.2500 (Horizontal Support)
Downtrend is still intact. Bears are still in control. There is still lots of room for this pair to decline further. Yesterday's candlestick was a big bearish bar. It is likely that the price will break below the support line this week. As can be seen in the chart, the support line was tested by the market twice (Nov. 07 and Nov. 24 bar). This means that if the market successfully breaks the support line, it would be a sudden and big move. Though we do not prefer to trade this kind of move, it would be better to consider this. What we prefer to trade is the retracement of that big move, then place a Short trade after the price action says so.
There is no trade for now as the price is approaching the support area. Trade well.