Medium term trend: Down
Significant Levels: 0.7690 - 0.7750 (Horizontal Support), 0.8000 (Significant Round Number and Horizontal Resistance), Downtrend Line
Currently, the price of this currency pair is at an important Support line. This area was respected by the market many times. Yesterday's candle formed just near the range of this (0.7690 - 0.7550) which is also an indication of its respect. The price action that would form today and in the next days would be critical. If the price breaks below the , we could see more of a decline in the market. Though, this is what we really want to see (the market to decline), we should consider different possibilities. For now, we are with this currency pair. We will not consider going Long on this currency pair unless both the Downtrend line and Significant Round Number (0.8000) are broken.
We'll wait for the price to break the and for the Daily price to close below it. That would be a confirmation of the continuation. But, even if this happened, do not immediately put a Short trade. Wait for the price to retrace back to this (which will then be the resistance at that time) and respect it.