The recent move met with some solid resistance in the 0.8760 region and formed support at 0.8625. Price was stuck in this range for about 3 weeks, but has now broken convincingly below it (on Fri ). Most of the price action is below the 200dma and I believe that the is ready to resume.
A pullback to 0.8625 would be ideal as it gives us the possibility to have a reasonable stop loss while targeting the next support in the 0.8340 area. We have a 2.6R – 3R trade possibility that is line with the major trend.
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