After the cpi report yesterday the price has broken its somewhat pretty respectable support according to me and now it seems to be heading towards its daily support near 1.0675.
As I have marked the downtrend I think price might even go further down the weekly support but you never know what can happen in forex market so I will take my profits near weekly support areas and wait for a reversal or if the price continues to go further down then I will open a new trade.
HOW AM I SURE THAT IT IS A DOWN TREND?
I am sure becuase as you can see both of the times price bounced back from the golden level of FIB and when it first happend it made a lower low and now the second time when it bounced back from the golden fib level it has already made a new lower low.
As I have marked the downtrend I think price might even go further down the weekly support but you never know what can happen in forex market so I will take my profits near weekly support areas and wait for a reversal or if the price continues to go further down then I will open a new trade.
HOW AM I SURE THAT IT IS A DOWN TREND?
I am sure becuase as you can see both of the times price bounced back from the golden level of FIB and when it first happend it made a lower low and now the second time when it bounced back from the golden fib level it has already made a new lower low.