A likely correction/rally before falling to 0.8 (long and short)
I see a symmetrical triangle on which reversed the direction of the the price downwards. The breakout of this pattern took place at 1.214.
What can stop the fall?
We had some support (now broken) at 1.14 and 1.07.
Now there is some resistance dating from August 1997 at 1.03 which correspond the support level of the downwards channel, support which will be hit very soon most probably.
Since the RSI shows this pair is very much oversold, I expect at least a mini-rally or a correction around that area. it may even retest what once was the support of the triangle (now as a resistance) before falling to 0.8.
What can stop the fall?
We had some support (now broken) at 1.14 and 1.07.
Now there is some resistance dating from August 1997 at 1.03 which correspond the support level of the downwards channel, support which will be hit very soon most probably.
Since the RSI shows this pair is very much oversold, I expect at least a mini-rally or a correction around that area. it may even retest what once was the support of the triangle (now as a resistance) before falling to 0.8.
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