Had issued a call last Wednesday morning on an impending breakdown when it was at 1.375 as per chart....
Indeed, we saw the temp support at 1.35 – 1.36 give way....
And now, nearing 1st downside target at 1.30 today.....
What can happen if this 1.30 support fails to hold too.... to 1.20 next? Probably...
Cautious below....
Can be a short term negative till we see a clear rebound signal....
Before that, we wouldn’t want to be catching a falling knife....
Sent: Wednesday, October 12, 2016 10:35 AM
Subject: ******* Best World: Seeing a breakdown in temp support, a negative below, cautious... price 1.375
Subject: ******* Best World: Seeing a breakdown in temp support, a negative below, cautious... price 1.375
We have seen a breakdown below the 1.45 support level over the past few days with even the 1.40 psychological level clearing out today too. Can see more selling pressure as long as 1.40 is the cap now with target to 1.30. Longer term moving averages still pointing upwards firmly but short term trend remains weak below 1.40. A reentry to ride the rebound again can occur if we see something near 1.30… watching…
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