Strong indications of further downward movements on this pair in the upcoming week.
A break of the upward CTL will also be a break of the confluent area of Support and Resistance at 1.10.
If price is to break these levels then, anticipate a retest due to the previous action around the area. Respect of the retest could result in a continuation of the downward momentum at which point a sell trade would be entered.
Take Profit would be initially set at around the 1.08 level with continued monitoring of price action throughout the week to potentially compound the trades.
D_F_F
A break of the upward CTL will also be a break of the confluent area of Support and Resistance at 1.10.
If price is to break these levels then, anticipate a retest due to the previous action around the area. Respect of the retest could result in a continuation of the downward momentum at which point a sell trade would be entered.
Take Profit would be initially set at around the 1.08 level with continued monitoring of price action throughout the week to potentially compound the trades.
D_F_F