© Dukascopy Bank SA
Pair has been slowly depreciating for the past few months. However, after a recent bounce from the pattern's support we should continue to see a bullish correction towards the pattern's resistance. Overall trend, as suggested by the long term technicals should remain bearish. It might be that recent choppy sessions might be caused by Fibonacci retracements however dues to the fact that it is relatively hard to pinpoint the exact start and the end of a sell off (in the neighborhood of the last move from the pattern's resistance to support) we did not include exact numbers in to the technical levels.
© Dukascopy Bank SA