Monthly: Trading within a bearish channel formation. Trend line resistance is seen at 1.2355. Levels close to the 38.2% pullback level of 1.2522 (from 1.6038-1.0349) found sellers. The move lower is mixed and volatile common in corrective formations.
Weekly: The RSI (relative strength index) his trading close to 50 highlighting that the major currency pair is non-trend. There is no clear indication that the downward move has come to an end. The 61.8% Fibonacci level is seen at 1.1186.
Daily: Broken out of the channel formation to the downside. A flag formation target would take the pair to 1.1165. The trend of lower lows, and the possible base of an Ending Wedge formation (bullish) is seen at 1.1225. Although the downside may be limited, risk/reward is ample to call a sell trade idea.
We look to Sell at 1.1320
Targets:1.1165 and 1.1135
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