Where is the next stop...
As mentioned in the prior post, the buyers have to win something. They are not winning anything. The price just fell below another trend line on the 5- minute chart. If the buyers are to have a minor victory they will need to take back that trend line break and then the higher trend line which has held resistance today (follow green circles). That will show some buying support.
What about on a continuation? Where to now if the sellers remain firmly in control?
Well on the 5 minute chart the lowest trend line cuts across at 1.0342. That is the next target.
Looking at the daily chart, the pair fell below the 1.0462 level earlier (low from 2015). That puts the pair at the lowest level since 2002/2003. If you connect the recent lows on the daily chart below, that line targets 1.0296 (let's call it 1.0300). That is another downside target. (see chart below).
