Long term trend: Up Medium term trend: Down Significant Levels: 0.784 (Horizontal Support), 0.8 (Significant Round Number and Horizontal Resistance), Downtrend Line
Looks like we would get the retracement at the 0.8000 price that we are looking for. Currently, the price is forming bullish bars and is retracing back up to the Significant Round Number. If this continues, we could see an interesting formation of the price at 0.80. Also, at this point, the price could reach the intersection between the downtrend line and the round number. We would consider going Short here. But as anything can happen in the market, the price could break the downtrend line and the significant round number. If this happened, going Long immediately would not be a good idea. Still, we are Bearish with this currency pair and we don't want to be caught off guard and trade against the current sentiment, which is down.
As of now, we need to wait for the price to reach that level and form a Bearish signal for us to trade.