Reason: continuation on W chart. pause in selling on D chart. Reversal selling wave pattern i.e. two wave format. In short, current down wave is corrective wave.
Timeframe : As highlighted by the arrow
Reason : Upside momentum shifted over a week now with 3 touch. This in turn, to trigger short orders to take out people from next big upside leg (copy of 1st leg from 0.68~0.76).
They may event this (upside 2nd leg) with some big news.
Timeframe : short wave to reach trgt within 3 weeks then settle there to shape big upside second leg.
Reason : Another touch to 1.064 to be played, which ideally to be 2/3 wave format.At that spot short entry arises, a small south side direction movement upto 1.053. The larger trade would be complete reversal till 1.035 to start from there with lower lows.yet, more time correction first.
Timeframe : Whole play to carry out early next week.
Reason : Upside exhaustion in two wave format. However momentum is little stronger than previous move thus to hold this level for a day before reversing back to south up to upside move origination point.
TImeframe : Likely a week.