Current price: 0.6506
Key point: 0.6550
Our preferred direction: Sell positions below 0.6550 levels with 0.6480 as a first target and then 0.6440 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 0.6550 level, targeting the 0.6600 levels.
Technical commentary
After the price broke the support levels of 0.6550 and the 200 moving average, the downward trend of the pair was confirmed and it is expected to continue the decline to reach the levels of 0.6490-0.6475
If the pair reaches the support levels of 0.6475-0.6490 at the expected harmonic pattern, the pair will be expected to rise again to the levels of 0.6550.
