In the last update_2 I speculated whether or not we will see another test of the lower end of the trading range or will the next move clear resistance that acted as support just a few days ago? AND I stated, that: 'This last channel (dotted trendlines
) looks like that it is not going to hold for long.' Basically, both thoughts were correct and the chart here shows exactly both things occurred in one session. The situation NOW presents us with another short uptrend channel
and a new support at 0.81499 on this timeframe. New resistance at 0.8265 that was former support seems to be strong as sellers came in with conviction (see 3 shadows) on friday last week. Momentum is right at the zero-line and any dip will probably bring lower prices. If the last support at 0.8149 does not hold, then I would switch sides from long to short with a target to at least the next lower line of the new range and the weekly triangle line, which is shown here as the red falling line.