I pointed out in recent posts as the upward target, before any
meaningful move down would occur. Well, price has since moved
some 200 pips down, it has tested the 38.2 fib/Monthly
at 1,0642-48), bounced from there but has come right back and
broke below it and is now testing it from below as resistance.
Natural targets below stands at the 61,8 fib of recent leg up at
1.0527 and below that the Monthly S1 at 1.0488.
Playing the downside, it looks like price may continue lower from
here OR spike the Weekly at 1.0677. The scenario
is in line with the USDOLLAR index, which put in a nice right
at the Yearly , and has climbed back inside the Daily
Kumo Cloud, now eyeing the Monthly , which is yet untraded.
As I see, the downside is more likely from here. Short entries on
lower timeframe adviced as the Weekly PP is still untraded. A stop could
be placed above that level, 1.0677, but may have to be placed above
the 1.0714 top, targeting the 61.8 fib at 1.0527.