After our last comment on monday, downside move started from 1.3284 till today’s lowest 1.2993.
Below 1.3080, targets are 1.2970, 1.2917, and 1.2870 respectively as intraday levels. For things to shift to upper side for medium term, we shouldn’t see above 1.3180.
After our projections for short and medium term, it is time to share opinion about what may happen for long term. In last week’s comments, I was focusing on the possibility of a buy opportunity from 1.2870-1.2920 range till 1.3700′s. At that time it seemed very reasonable and the possibility of such a move seemed very high to me.
After the economic outlook for this week followed by the price moves, I am not so sure at all. I cannot say that the downside move will continue till 1.2500′s either. To be clear, we will have to wait and see what is happening in the markets if we see the 1.2870-1.2920 range.
To summarize; I think we will have downside momentum for at least one week and corrections are sell opportunities.