Looking at the oscillators we observe that the RSI(14) is bearishly diverging price pattern and based on that formation we should initiate short positions. Moreover, MACD has crossed its signal line and is heading lower that reinforces RSI’s indication.
Based on the above analysis we would expect a corrective move in the forex pair toward 1.3740 where the 23.60% of 1.3521 to 1.3811 is also located. Should the correction gets deeper then 38.20% Fibonacci retracement follows at 1.3700.
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