Current price: 1.0783
Key point: 1.0800
Our preferred direction: Sell positions below 1.0800 levels with 1.0725 as a first target and then 1.0650 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 1.0800 level, targeting the 1.0830 levels.
Technical commentary
The pair is facing a downtrend line from the December peak, and if the price rebounds from it, it is expected to head towards the 1.0700-1.0725 levels.
However, if the downtrend line is broken and remains above it, it will head upwards to levels of 1.0875.
