The major failed to hold a footing at 1.1300 triggering a retracement to 1.1230. The indicators give a mixed outlook as the RSI on Daily and Weekly fell to oversold level, 30.00 but look set for a sell signal and the bearish oscillator crossover has waxed.
We now focus shifts to 1.1200/1.1180 it’s 61.8% fib reaction of Jan 2017 low-Feb 2018 peak. Overall rallies have been sold. To confirm a change in trend, the price action needs to break through 1.1500 in the near term and 1.1820 in the medium term.
On the downside, the weekly corrective A-B-C pattern is pointing at 1.1040 and 1.0500 in the coming weeks/months. Note that, the 61.8% fib reaction finds at 1.1180 and 80.0% finds at 1.0800.
We now focus shifts to 1.1200/1.1180 it’s 61.8% fib reaction of Jan 2017 low-Feb 2018 peak. Overall rallies have been sold. To confirm a change in trend, the price action needs to break through 1.1500 in the near term and 1.1820 in the medium term.
On the downside, the weekly corrective A-B-C pattern is pointing at 1.1040 and 1.0500 in the coming weeks/months. Note that, the 61.8% fib reaction finds at 1.1180 and 80.0% finds at 1.0800.