An apparent dip below 0.8380 would confirm a forthcoming lower low and may see scope for declines towards the low of February 25th, 2020, at around 0.8335. If that level cannot stop the fall, we could experience extensions towards the 0.8294 zone, which prevented the rate from falling lower back on December 12th and 13th, 2019, as well as between February 13th and 18th, 2020.
On the upside, the traders would like to see a break above the upper bound of the aforementioned range and 23.6 Fibo level before examining whether the bulls have gained the upper hand. This could result in advances towards the inside swing low of November 15th, at 0.8462 and 38.2 Fibo, the break of which could target the high of 50.0 Fibo level around 0.8483 or go higher to 61.8 level around 0.8513.
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