Medium term trend: Down
Significant Levels: 0.7690 - 0.7750 (Horizontal Support), 0.8000 (Significant Round Number and Horizontal Resistance),
Since October, the price of this pair has been in a pattern. As previously discussed, we are with this pair, therefore we would prefer for the price to have a breakout below the support.
On the chart above, we can see that the price still rejected the resistance, which is also the significant round number. That just indicated that the market still respects that level. As mentioned before, if the price breaks the resistance, that would be the only time that we will consider going Long. Our trade here, preferably, is the breakout below the support line.