The parity is testing 1.2900 level at this moment. It’s an important support for the current downside movement. Since the price is bouncing that level to the up at this moment, in short-term 1.2980 level will be targeted as it’s the upper band of the ending diagonal. After that, we expect the price to waver for a while inside of the formation and then break it out.
In the second scenario, the price manages to pierce mentioned level and drops to 1.2800 level in long-term.
In the second scenario, the price manages to pierce mentioned level and drops to 1.2800 level in long-term.
Comment:
The parity price broke tested 1.2900 level to the down. The price has reached 1.2800 and right now is swinging around it. If the support prevents the parity from the further drop, we will see a rebound to the previous top. Otherwise, the price will proceed with the downward movement towards 1.2700.