if price breaks and closes below the support this flag pattern trade will be good to execute taking profits at the next support level in blue at 0.96603
price formed a descending triangle and reversed to the downside however there is a strong level at 1.29264 . At this level the market is likely to reverse.We can also see that the market is loosing momentum to the downside. When you plot a retracement you can see that the .618 perfectly aligns with the support level. This provides an entry signal to go long.
According to my technical analysis the trend is down, For trend continuation trades the zone 111.047 is a good entry.Looking left we have another support level at 110.376 , that is where i am looking for a potential reversal to the upside and it is a zone where most trend continuation traders will be looking forward to taking their profits from the market....
