The first chart to show the importance of this 0.81 - 0.82 area where we could expect price to bounce upward anytime in a kind of re-test. However the pressure to the downside is still important, clearly shown by the dotted channel, by the strong bearish confirmation in 0.84 (key level) and by what seen in next chart:


As seen last week price invalidated nearest support where market attempted to move up (failing indeed at 0.84). The scenario suggests an imminent continuation downward and if confirmed, next support area is 0.78.

My target for 1st July 12.00GMT is 0.8010 because I believe market will find important barriers giving difficulties for a straight breakout (which however is possible) into lower areas. Also must consider the consolidation scenario so there will be no important changes or a small bounce upward. Everything clearly shown in last chart: blue line is my expectations, dotted are what I consider less probable scenarios.


Updates will be on comments, thank you.
L
Translate to English Show original