This pair broke a major support on the bottom of the Ichimoku cloud on the day chart, the lagging line hasn’t broken through the cloud which may mean tomorrow could bring some higher price action as the lagging line bounces of the cloud. However such a large move in one trading day which we haven’t seen for some time leads to think there is more downside action on the horizon over the next days. On the weekly chart we can see that this week’s price action has broken the range created over the previous 3 weeks, shown in the blue triangle. I Wouldn’t be very comfortable taking long positions on this one.

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