By analysing the PRICE ACTION Charts, we are able to gain valuable insights into the market dynamics. The recent developments indicate a significant shift as all support areas have been breached, signalling a potential change in the prevailing trend. Furthermore, the Relative Strength Index (RSI) dropping below the critical level of 50 adds weight to this bearish sentiment, suggesting a strengthening downward momentum.
Moreover, the directional bias has been confirmed through these technical indicators, emphasizing the likelihood of further downside movement. The Break of Trend Line serves as a crucial confirmation of this bearish outlook, indicating a clear shift in market sentiment towards the downside. As the price action heads towards the key level of 1.6141, traders and investors should closely monitor the charts for any potential continuation or reversal patterns that may offer trading opportunities in line with the established trend.
Chris
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