RBS notes in a report on Tuesday: The pair reached my key target of 1.063 (being the 138.6% projection from the 2009-2010 impulse wave), which was confidently broken, implying further downside after a minor bullish corre…
The pair reached my key target of 1.063 (being the 138.6% projection from the 2009-2010 impulse wave), which was confidently broken, implying further downside after a minor bullish correction.
The trend remains in place and, of note, most of the long-term oscillators stay bearish (such as the weekly MACD), as a bear triangle breakout indicated the pair may go below the parity.
Fibonacci analysis indicates the next downswings to target 1.0245 and 0.9860. The latter is a major support level, which may ultimately see a base.
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