Greetings, appears we have enough points on the chart to qualify the current trend for the short term as downtrend within a descending triangle highlighted in Pink.
On the H4 chart we also have a death cross which could signal further down turn onto the 1.128 and below mark. I wouldn’t be surprised if we slip past the 1.126 and to the 1.121 level.
I expect a retrace afterwords to the 1.143 to 1.145 levels before continuing the downtrend towards the 1.131 to 1.127 levels as pointed out in red.
Finally if the price action respects the triangle I expect another retrace towards the 1.139 and 1.141 levels.
If this descending triangle holds I would expect the prices to be near the 1.110 and below mark before the end of this year.
On the H4 chart we also have a death cross which could signal further down turn onto the 1.128 and below mark. I wouldn’t be surprised if we slip past the 1.126 and to the 1.121 level.
I expect a retrace afterwords to the 1.143 to 1.145 levels before continuing the downtrend towards the 1.131 to 1.127 levels as pointed out in red.
Finally if the price action respects the triangle I expect another retrace towards the 1.139 and 1.141 levels.
If this descending triangle holds I would expect the prices to be near the 1.110 and below mark before the end of this year.