Price is likely to go to the opening level of 2018’s at 1.3434 as a result of the price increase from the support level 1.3059 last week. This level is above the 2020 opening level of 1.2975.
If the price rises above 1.3434 this week, the trend starting from the lowest 1.2061 will target channel support (currently resistance).
Buyers and sellers are fighting to take their place at Resistance 1.3330. Breaking this level will move buyers to 200-day SMA (orange – 1.3542) from 1.3420. Which is merge with an ABCD bearish pattern and 1.27 BC projection 1.3507.
However, if the price is rejected from 1.3330, the price may come down to around 1.3100.
On Friday we saw the price fall below the October opening levels of 1.3308 and 1.33 handles.
Support could be seen this week at 1.3267 as buyers weaken around 1.33, which is below the 38.2% Fibonacci retracement ratio of 1.3273. Below this are 1.3259, 1.32 handles and 61.8% Fibonacci retracement ratio as support.
And if the buyers are strong above 1.33, they will target the 1.34 level, which is in line with the August opening level.