Long term trend: Up
Medium term trend: Down
Significant Levels: 1.5100 (Horizontal Support), 1.5590 (Horizontal Resistance), 1.5000 (Significant Round Number) Downtrend Line
The downtrend is still intact. Currently, the price is near the support area and the significant round number is just below it. If the price broke both those levels, we could see a big move down. We cannot trade this currency pair right now as the price is in the support area. We want to see the price go up and then reverse back to its trend, which is down. But as of now, we need to be patient and wait for a sell signal. Always look for an obvious price action.
Trade well.
Medium term trend: Down
Significant Levels: 1.5100 (Horizontal Support), 1.5590 (Horizontal Resistance), 1.5000 (Significant Round Number) Downtrend Line
The downtrend is still intact. Currently, the price is near the support area and the significant round number is just below it. If the price broke both those levels, we could see a big move down. We cannot trade this currency pair right now as the price is in the support area. We want to see the price go up and then reverse back to its trend, which is down. But as of now, we need to be patient and wait for a sell signal. Always look for an obvious price action.
Trade well.