The price of the parity is swinging between 61.8 and 50.0 Fibonacci levels, unable to pierce the strong resistance of the channel’s upper band. Once the price breaks the 50.0 Fibonacci to the down, we will watch 1.1530 as a support. Further decline would mean the price will form a head and shoulders will be completed at 1.1440 level.
In the second scenario, the price will continue its upward movement as it completed the correction. 1.1730 – 1.1750 area will be an important level to test.
In the second scenario, the price will continue its upward movement as it completed the correction. 1.1730 – 1.1750 area will be an important level to test.
Comment:
The price of the parity has dropped and at this moment we can see it testing an important 1.1530 level. If it breaks this level to the down, mentioned earlier 1.1440 will be the next target. Otherwise, the price will bounce off and retrace towards the upper band of the descending channel formation.