If we look in the monthly chart the downward momentum is now slowing down.
But a break in the 1.20000 price level will drag the prices down to 1.19000.
My bias for this week's movement will be a consolidation in 1.20300 to 1.20900 before breaking out in the pattern next month (June) as we can see in the chart above.
There is also a ratio if we have a bounce play in this area.
My bounce play as follow:
Buy entry: 1.20470
Stop : 1.20250
TP : 1.20900
Trade at your own risk.
Risk is the only guaranteed thing in the forex market.
Always manage your risk.
Give a thumbs up if you like my idea or give a comment if you have any thoughts you would like to share.