Chart says it all really. Trend is down. A possible intermediate stagnation is around 112.50. This region was where we bounced back up to retest 115.50 region.
We broke below a area that was support/resistance in the past (November and December 2016). My final target is 111.25 but depending on how market reacts to 112.50 I might close sooner (at least partially). If we get higher and actually break above 114.5 this scenario is negated. I move to B/E once we've dropped 40-50 pips.
We broke below a area that was support/resistance in the past (November and December 2016). My final target is 111.25 but depending on how market reacts to 112.50 I might close sooner (at least partially). If we get higher and actually break above 114.5 this scenario is negated. I move to B/E once we've dropped 40-50 pips.
Comment:
Price seemingly forming a double bottom. But as long as price remains below my stop I expect a continuation of the downward movement.