The beauty of analysing the charts in the way that we do is that levels remain relevant for weeks on end and means we get to spend more time trading and enjoying life than we do breaking down pairs. This is a prime example, for the eagle eyed amongst us you will notice this is the exact same chart and exact same analysis as last week. Last week saw us bounce from the level we had planned out at 1.2050 but also saw us come crashing through it in spectacular fashion from 1.2200. the weekly close looks lovely for further downside as do the other technical factors of our analysis. We have two entry point here and as many targets also. Firstly, we are confident in the downside enough to plan for a possible retracement to 1.2040 and as such if we see rejection from here, we can enter short positions. Looking at continuation entries we will be awaiting 1.1980 to break before we enter as this gives us a clear-cut trade down to 1.1820 and then 1.1720 should the support fail to hold.