Summery:
Primary Trend: Bearish (LAST RED LOW DOT IS NOT YET CONFIRMED)
Secondary Trend: Bearish (see last zigzag)
Resistance: 1,31600 (FIBO 161.8)
Support: 1,26500 (FIBO 261.8)
Comment: We see on last bar a low red dot . is a down peak not yet confirmed. we may attend 2 bars without touching this last minimum. From July 27 we don't see on chart any pullback and I believe probably price can turn back at 1.31600 (FIBO 161.8) if we receive some good news from Fundamental analysis but at the moment all indicators and also the oscillators give a big downtrend on chart.
Suggestion:
If you have entered short before is possible to close the position with a big profit as we see a red dot not confirmed. If you don't have positions stay neutral and go long only if price comes out from the oversold zone or breaking up in closing bar the resistance level.
Good Luck!
