Today’s continued decline in this pair met with support on the 100% expansion line. On the day chart you can see how price action just touched the line and retraced up. A break below it at the end of the day’s trading session would also mean a break on the weekly chart, adding greater probability of further downward movement next week. But looking at the day chart Stochastic Oscillator we can see strong signs of oversold with the ADX line also in oversold territory. I like the idea of long trades for this pair next week if the 100% line holds. The next resistance would be at the 61.8% expansion line at 0.74907.

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