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Where is the bottom for this pair? I certainly don’t know, but have some clues. in previous longer term post about this pair, I have told you that 1.40 was the target zone in the longer term, (already under it, so let’s set new numbers form here) and analysing monthly charts, I told you that the highest fall straight in month was of @ 6900 pips. Take a look at monthly charts:we can count already a 6300 pips straight fall, and we can see two important support zones: the first @ 1.3780 (probable target for today) and then 100 pips under, at 1.3680/85. With monthly charts extremely oversold, we could see some important bounces if reaches the 1.3700 zone of at least 1000 pips in the longer term. However, if the mentioned 1.3680 gives away, bearish pressure will remain intact.
For today, supports will be at 1.3937, followed by 1.3905, 1.3860 zone, 1.3820 and the mentioned 1.3780 zone. Regarding resistances, above 1.4020 we have 1.4065, 1.4130 and finally the zone @ 1.4200.
except 1 to 1 parity by summer.