On July 1st I had a post:
http://www.forexfactory.com/showthre...69#post4744169
on the H8 chart that was showing a price war between the 2 blue and red circles in the diagram below.
Because of the drop below 4090 on the openning of the Asian session, I have to conclude that movement that started on July 3rd from 4579 and went to 3837 is not a false break of the blue circle, and its movement will travel to the perimeter of the dotted black circle. Also notice that the bounce off the median line in blue has not been strong enough to get itself above the dotted grey line. The dotted grey line should have acted as support if we were going more upwards, but it has failed to do so.
Overall there is a strong thrust downwards developing as price action is slowly attempting to break 4000 level.
http://www.forexfactory.com/showthre...69#post4744169
on the H8 chart that was showing a price war between the 2 blue and red circles in the diagram below.
Because of the drop below 4090 on the openning of the Asian session, I have to conclude that movement that started on July 3rd from 4579 and went to 3837 is not a false break of the blue circle, and its movement will travel to the perimeter of the dotted black circle. Also notice that the bounce off the median line in blue has not been strong enough to get itself above the dotted grey line. The dotted grey line should have acted as support if we were going more upwards, but it has failed to do so.
Overall there is a strong thrust downwards developing as price action is slowly attempting to break 4000 level.