On the daily chart, the pair had broken the ascending channel followed by bouncing from the descending trend from the high of 2017 and the key resistance of 111.1.
The price also broke the support 110.05 to reach the next support 108.15 to get back up again from this level to retest the level at 110.05.
As you can see on the chart, the price is moving according to Elliot waves. By forming the A & B waves, we are waiting for the next move down to hit the C level which is located at the support 106 and also to meet the ascending trend from the low of 2016
So, a bounce is expected on its way
The price also broke the support 110.05 to reach the next support 108.15 to get back up again from this level to retest the level at 110.05.
As you can see on the chart, the price is moving according to Elliot waves. By forming the A & B waves, we are waiting for the next move down to hit the C level which is located at the support 106 and also to meet the ascending trend from the low of 2016
So, a bounce is expected on its way