There is a large bearish AB=CD pattern on the left, and a long shadow hammer pattern appears on the daily chart, indicating that there is obvious pressure on 1.19, and the price may continue to adjust downward.
The weekly chart is under pressure on the midline of the downtrend channel
The weekly chart is under pressure on the midline of the downtrend channel
Note
The monthly chart is also in a bearish trend, and we can see that the current price is still in a downward channel.
If it is an uptrend, then the price needs to stay above 1.218, but this is not the case now, then there may be more room for adjustment below, which may need to fall below 1.175 or 1.7 before we can confirm the continuation of the decline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.