Lightly, the good chance is that it will continue to possibly hit lower to here for another test. Okay, because 1.2 is a key support right now, with this turning around it might actually break above the red line and go to this 1.25 region. Okay, 1.245 region for a test or either that you will break below and come to this level. So what is likely to happen, I’m still more inclined to look at it going lower because of this very firm down-trend resistance, and the part here is not showing any clear signs of breaking above.
So I’m definitely more inclined if let’s say based on percentage wise, probably 60% more likely to go back to $1.20 and 40% that you will actually go to 1.34. And then once they reach either of this side, then this is where we’ve got to watch out very carefully whether the break starts happening or not. So I hope this gives you a very clear idea just from pure price action analysis what is the current trade, and of course you have to try to decipher whatever I say based on your own trading horizon.
If you are a longer term swing trader, and this is probably a main trend line you’re looking at, if you are short term swing trader, then this is probably the line right now. Alright. So I hope that actually gives you some kind of idea.
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