I have choosen a weekly charts to see the levels of Fibonacci from the Low of Nov 2005 @ 1.1642 and the all time high @1.1638, levels are on the charts but the interesting thing, is 38.2% is correponding to the long term support trend line.
The main trend is bullish, in my opinion, the huge downside movement from August is only a correction.
On daily chart we broke early august a huge horizontal challenge, we drew a very nice M.
The theoric objective was hit @ 1.4566 ( same distance from 1.5302(june08) to 1.6038(july 08)).
I will be not surprised if the movement is going to 1.4380 before a huge bounce to the1.50-52 first, and 1.60 later in the year.
All indicators under the weekly chart are showing downtrend, but we have problems to go lower.
RSI is oversold MACD is showing downtrend, EAM50 is crossing to the downside the EMA 150.
The 2 sen have crossed, we are working under the cloud, and Span is floating under the cloud, and under the rates.
In the uptrend
Be long @ 1.5255 with a SL @ 1.4964
Be short @1.4964 with a SL @1.5255
In the downtrend
Be long @1.4382 with a SL @1.4091
Be short @ 1.4091 with a SL @1.4382
The same as GBP/JPY, and it will be the same for the others position, be very carefull with your sl, as the SL are wide.
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