With a close under the earlier double bottom set in june and july yesterday's action is a major blow to bullish believers.
If the earlier 0.4240 support levels starts to act as resistance on pop-ups, bears have an opportunity to drive this market down to 0.3520/0.3500 (horizontal support) and maybe the triangle's target around 0.3200.
Not a friendly outlook. For today the lower band of the Bollinger Bands may see some support; if so that 0.4240 test for resistance can be seen. The longer the market says below the stronger chances for that retreat to earlier mentioned levels. A good move over 0.4240 may see relief buying but watch for resistance at 0.4450 and 0.4800. Only above the latter things improve.
If the earlier 0.4240 support levels starts to act as resistance on pop-ups, bears have an opportunity to drive this market down to 0.3520/0.3500 (horizontal support) and maybe the triangle's target around 0.3200.
Not a friendly outlook. For today the lower band of the Bollinger Bands may see some support; if so that 0.4240 test for resistance can be seen. The longer the market says below the stronger chances for that retreat to earlier mentioned levels. A good move over 0.4240 may see relief buying but watch for resistance at 0.4450 and 0.4800. Only above the latter things improve.