Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2515. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. There has been little net change for the last three months. Levels below 1.1500 continue to attract buyers.
Weekly: Completed a bearish Elliott Wave count to the downside (5-waves completing at 1.1301). We are now assessed as being in the corrective AB-CD formation high. We look for price action to continue to be mixed and volatile. Long-term bespoke resistance is seen at 1.1865 and is our main focus.
Daily: Looks to be forming a reverse Head and Shoulders pattern. Trend line support is located at 1.1465. This is between the 61.8% and 78.6% pullback levels (of 1.1497 and 1.1411). Buying dips at this level offer a solid risk/reward trade
