Despite Friday’s inverted bearish hammer at the trend line support, the subsequent failure to take out 0.8556 (38.2% of the rally from 2007 low to 2008 high) on Monday and earlier today if results in a daily close below the trend line support would open doors for a sell-off to sub-0.84 levels.
On the higher side, only a daily close above 0.8556 would signal a temporary bottom has been made.
On the higher side, only a daily close above 0.8556 would signal a temporary bottom has been made.
