There are two quite visible head and shoulders formation on daily or weekly chart. THere are two gaps based on the weekly chart which are very nicely respected by current market. I market with yellowish rectangle the perfect rejection of the attempt to go higher. GAP erased all gains and pushed pair lower. I don't see reason why this pair couldn't go as low as 0.0005000. I wouldn't buy at this level anyway. It should touch 0.001000 level soon and let's observe what will happen next.
I know but after what happened few days ago I wouldn't buy it at this level. This pair has a lot of space to go down and really I wouldn't be surprised if this would do.
I think market will decide If this is cheap or dear