Harmonic/M pattern needs to be considered as a reason for possible price reveresal to the uptrend.
While there is a high probability that the price will continue to fall considering the bearish trend, the M-formation is a chart pattern that has a high completion rate.
There is an equal probability that we will see a continuation of the downtrend however this will be confirmed if we see a break of the 1.18578 support line.
If we do see a reversal to the uptrend then the neckline of the chart pattern (red box) is a possible risk of reversal.
While there is a high probability that the price will continue to fall considering the bearish trend, the M-formation is a chart pattern that has a high completion rate.
There is an equal probability that we will see a continuation of the downtrend however this will be confirmed if we see a break of the 1.18578 support line.
If we do see a reversal to the uptrend then the neckline of the chart pattern (red box) is a possible risk of reversal.