Technically on the chart we can see HUGE M 1 2 3 forming and at the moment of writing the price is trying to retest 1.0860-50 region. March has already been broken and the price is approaching L4 support, so we have a confluence in the 1.0850-30 zone. Daily close below will mark breakout of point 2 of M pattern and that could lead the pair to 1.0570 in upcoming weeks. For all those who are not familiar with M , point 2 is the breakout point. However the price should grind slowly as we are talking about with Monthly applied. is also making steady histograms and both lines are below 0 line which indicates momentum.
Only the daily close above 1.1025 could return the pair into NEUTRAL-to territory and would negate an immediate impact of M pattern.
Thanks to @TarantulaFX (Twitter)
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