OVER ALL TREND IS BEARISH AS WE HAD A BREAK OF THE LONG TERM ASCENDING TREND LINE. PRICE IS CONSOLIDATING AT THE MOMENT WITHIN A TRIANGLE FORMATION. BIAS ON PRICE GOING DOWN TO CONTINUE THE TREND. WHY I THINK IT'S GOING DOWN IS BECAUSE WE'VE HAD 5 WEEKS WHERE THE PRICE HAS FAILED TO BREAK ABOVE THE WEEKLY RESISTANCE @ 1.312 (HIGHLIGHTED BY BLUE CIRCLES) AND MOVING AVERAGES ARE TO THE DOWNSIDE.
POSITIONS WILL BE TAKEN ONCE WE GET A CLEAR BREAK OF THE TRIANGLE & KEY LEVELS - IN EITHER DIRECTION. ON THE SHORT SIDE, IF MONTHLY SUPPORT @ 1.2830 GETS BROKEN - PRICE LOOKING TO HEAD TO WEEKLY SUPPORT @ 1.2510 AND MAYBE MAKE NEW LOWER LOWS IF THAT IS BROKEN, HITTING MONTHLY SUPPORT @ 1.2200
POSITIONS WILL BE TAKEN ONCE WE GET A CLEAR BREAK OF THE TRIANGLE & KEY LEVELS - IN EITHER DIRECTION. ON THE SHORT SIDE, IF MONTHLY SUPPORT @ 1.2830 GETS BROKEN - PRICE LOOKING TO HEAD TO WEEKLY SUPPORT @ 1.2510 AND MAYBE MAKE NEW LOWER LOWS IF THAT IS BROKEN, HITTING MONTHLY SUPPORT @ 1.2200