After last week's decisive break through support we tested the second level of support (based on previous lows in the trend) and bounced off with a brief recovery the following day. However, the pair was unable to confirm a reversal back to the upside when it failed to close the day above support level one indicating that we may indeed have begun trending downward. Tomorrow brings with it several heavy hitting data releases and that could be all that is needed to trigger this move.
On the larger scale W1 chart we can see that the pair has been consolidating for the last several months and the pair does seem due to continue the downtrend which began around the start of 2018.
On the larger scale W1 chart we can see that the pair has been consolidating for the last several months and the pair does seem due to continue the downtrend which began around the start of 2018.