Long term trend: Up
Medium term trend: Down
Significant Levels: 0.7690 - 0.7750 (Horizontal Support), 0.8000 (Significant Round Number and Horizontal Resistance), Downtrend Line
It looks like that we did not get a breakout below the support area. Another thing is that the price broke above the downtrend line, which normally suggests for a trend reversal. Although this is the case, we don't want to be caught off guard by the price continuing its down move. We might consider taking the Long side if the price breaks above the 0.8000 level. For now, I'm still bearish with this pair, but there's still no bearish signal yet for us to trade right now.
Trade well.
Medium term trend: Down
Significant Levels: 0.7690 - 0.7750 (Horizontal Support), 0.8000 (Significant Round Number and Horizontal Resistance), Downtrend Line
It looks like that we did not get a breakout below the support area. Another thing is that the price broke above the downtrend line, which normally suggests for a trend reversal. Although this is the case, we don't want to be caught off guard by the price continuing its down move. We might consider taking the Long side if the price breaks above the 0.8000 level. For now, I'm still bearish with this pair, but there's still no bearish signal yet for us to trade right now.
Trade well.