Downward movement which has started April 8, stopped at Fibonacci 78.6% level of previous upward movement that lasted between March 10 and April 7. Right now key for further direction of movement is the price behaviour at 0.7770 level. If supply crashes through support nearest strong support will be located at 0.7700 – 0.7710. After that next support is at lowest level from March. However if above mentioned level 0.7770 causes rebound next targets for upward movement will be located at 0.7840, 0.7880, 0.7920. Right now it is likely that rebound will occur and price should at least test 0.7840 level.
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