New cyclical Low?
The Charts seems to me strong bearish.
It looks like the Pair will test the key Support at 79.5. Here i exspect a strong direction.
2 Szenarios are thinkable:
1. The Support will hold - here i exspect a corrective move to the shortterm breakoutlevel, the resistance at 82.25 (mangenta "3?") This will be a decision Point.
2. The Pair will drop through that Support Level. After a dip and a following retest of this Level at 79.5 (red "2") i exspect a further downwave to the longterm Trends bottom at 71. (possible red "2?")
In my Chart i have illustrated a possible shortposition. For me, the Chart only brightens with Prices > 88.75 (red "3")
It looks like the Pair will test the key Support at 79.5. Here i exspect a strong direction.
2 Szenarios are thinkable:
1. The Support will hold - here i exspect a corrective move to the shortterm breakoutlevel, the resistance at 82.25 (mangenta "3?") This will be a decision Point.
2. The Pair will drop through that Support Level. After a dip and a following retest of this Level at 79.5 (red "2") i exspect a further downwave to the longterm Trends bottom at 71. (possible red "2?")
In my Chart i have illustrated a possible shortposition. For me, the Chart only brightens with Prices > 88.75 (red "3")
Note
Support defended
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