A second unsuccessful attempt to live the box between 0.9450-0.9330 had its technical implications and supply exceed below the lower band last week. Therefore it seems natural, that the price is approaching a key support (0.9230) which is the lower limit of the main side movement. If this barrier breaks, the way to negate the entire correction upward movement will be opened. The movement started in January (break below 0.8900 support negation). On the other hand demand also has a chance to return to the game – but it needs effective defense of 0.9230 level. We should watch and wait for the outcome of the dispute.
When we change TF to smaller one (D1) we are facing an interesting situation. We can clearly see that demand has attempted to return above 0.9330 by the creation of inside bar setup (August 6), which is growth formation. But a day later the downward marubozu candle negated it and price is now approaching horizontal support (0.9215). Important point for bears.
