Monthly
Conclusion:
Long-term bias looks solidly bearish. It makes sense to hold long-term bearish positions.
In short term perspective market has not destroyed all bridges to upward continuation yet. Theoretically there are some chances for deeper AB-CD retracement on daily right to 1.36-1.3630 K-resistance area. That’s why during coming week we have to keep an eye on possible bearish dynamic pressure on daily time frame.
Now it seems so, that probably market has reestablished downward move with medium-term trend. There are two ways how you may act. First, as we’ve discussed in hourly part of research. Second is to wait stronger confirmation of retracement end – moving below 1.3250 area. Still you may apply both of them – just split your trading position.
Thanks alot for your analysis Sieve, it really breath taking. But with regards to your view on long-term bearish standing, I want to state here that you should review the charts because is just matter of time when the lower cycle coincides with longer cycle which I estimated in couple of days (2-3) that you will see the BULLISH taking shape. So I want to advise the long term position holder to be on the look out.