the pair is currently in a downtrend. On the daily chart the inner trend line has been broken and has come very close to second point of the original trend line which is point B before retracing back up to point C which is the re test of the trend line. I believe the extension from point C is the fib pattern continuation. Once the outer trend line has been broken the 100% fib level will be re visited then if weekly support is broken D1 target of the 127.20% level may be seen. This level of price structure lines up with previous support which is also another confluence.
Confluences:
Trend line broken
retracement back to 38.20% level
previous trend line re tested and held.
D1 lines up with previous price history.
Confluences:
Trend line broken
retracement back to 38.20% level
previous trend line re tested and held.
D1 lines up with previous price history.
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