DislikedSignificant rejection on that orange UTL - sellers were waiting there. No breakout to the upside. Now that we test a LTL, buyers are there as expected, but I don't expect enough. We should dip to 1.5737 at least, and then we have news. If the latter breaks, then even 1.57 is next. Beyond that 1.5670, 1.5625. Note that sterling is in much weaker shape than the euro.Ignored
Here's what I'm looking at.
The 50% pullback of the move down stopped on the dime 15874,
and the move down to test the Monthly Open area prior resistance as support is logical. So all we've done thus far is establish a potential range.
Looking at the 2 last Daily candles, it could go sideways or up as easily as down. (I'm looking at the Aug Sept indecision area as a reference point)
If we close under the 15700 TL, 4H 200EMA and the MPP, then it will be decidely bearish. Until then, I'm just trading the lower TF swings in this area until they sort direction.