The technical situation has become more interesting, as shown in the price chart below. We have both a narrowing triangle which must soon produce a breakout and a medium-term bearish head and shoulders pattern with an obvious pivotal “neckline” at 1.1222. This means that 1.1222 is likely to be very pivotal.
Much will now depend upon whether the price will next get established above 1.1354, which would be a bullish breakout beyond the triangle suggesting higher prices, or below 1.1222 which would probably trigger a further fall to at least 1.1155.
Much will now depend upon whether the price will next get established above 1.1354, which would be a bullish breakout beyond the triangle suggesting higher prices, or below 1.1222 which would probably trigger a further fall to at least 1.1155.