(Last Updated On: May 11, 2020)

Well, this is the part where you don’t want to take a step, okay. Because the price movement or the volatility has string significantly. Right now over the past I would say maybe about 10 to 20 sessions. Okay, so it has strengths significantly. So this is the time where market is uncertain and when market is uncertain is consolidating, you’d want to take a step. Okay, you want to let the market to start showing you some kind of inclination.

So based on this very tight consolidation, I will probably look at the price, okay. Whether is going to show signs of breaking down this 67 region or you will show signs of breaking the previous high to establish or to determine whether the trend is likely to hit higher back to this resistance, okay, for a test or is it going to break below here and hit what’s the direction of maybe next support level 65, just based on a round number.

Okay. So it’s really, really hard to determine because this is a new low already. And the next closest one that we can get from historical is about 62. So in between, if you look at a spacing, okay, if you look at the spacing over here, okay, that’s why I see that 65 could potentially be the next key support if these 67 level breaks. Alright? So if the 67 level breaks, okay, this could be a good time to have a short trade on this particular currency with the intention of writing the move all the way down to maybe 65 region.

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