In accordance to the last week analysis declines were continued to indicated support. I wrote: “It is likely that declines will proceed. Next strong support at W1 TF could be found at 122.90”.
Yesterday price rebounded and upward PIN BAR candle occurred (visible on D1 time-frame). Now upward movement should be continued, minimum range after rebound is at 126.10 and there will be two scenarios. Price may rebound and new wave of declines will start. At the chart it will be a re-test from the bottom of strong support which currently will be a new resistance. Second scenario forecasts return above 126.10 and denial of last breakout.
Time-frame H4:
Time-frame D1:
