Long-term review
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Pivot point: 1.3129.
Overview:
It should be noted that the market was stable and the trend was also so clear (downward and a range equals 166 pips). Amid the latest events the price has still been trapped between 1.3030 and 1.3385 so it is of the wisdom to be neutral at this area. Therefore, the first step is waiting for a period of tight sideway range market before breakouts. Then, there is a probability that the market is going to start showing the signs of the bullish market (explosive breakout is expected). In other words, it will be a good sign to buy above 1.2920 with a first target of 1.3015 and price breakout and it will climb towards 1.3075. However, If the the pair breaks 1.3130 and closes below it, the market will indicate a bearish opportunity below 1.3130, and then the support will become a resistance. So, it will a good sign to sell below 1.3130 with a first target at 1.3050 and it will call for a downtrend in order to continue the bearish towards 1.3000 in order to form new double bottom at this level. Moreover, if the trend could break the double bottom, the market will probably continue a bearish trend towards the weekly support 2 at the level of 1.2920.
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