In the previous review, we already discussed that the pair is in the correction phase, drawing us forward movements in the amount of more than 300 points from May 30. Now the quotation has reached a periodic level of 1,1830, which on history worked quite well in the form of a mirror level of medium importance. What do we have in current hours? An interesting formation, a slowdown with low volatility, which can lead to the splash of volumes. If you look a little higher, we see that in the immediate vicinity there is a correction level of "Fibo" 38.2, which can give confidence to the bears.
Possible scenarios
The main idea lies on the growing bearish interest, where, in the case of a fix below 1.1800, we are drawn to 1.1760, with a possible refill to 1.1720.
The reverse scenario will be only after fixing the price above the level of Fibo 38.2, before laying down positions.