The currency was trading at a strong support area between 7 – 6.66, and this support was broken, in addition to breaking an important historical support at 6.011 – 5.36.
The currency formed a negative head and shoulders pattern, but it is a relatively weak pattern as it came at the bottom (which is a rare occurrence), nonetheless, it should not be neglected.
By breaking the 6.011 – 5.36 area, the expected targets became:
The first target: 4 – 3.2
After reaching this area, the analysis is updated to either set new downward targets or monitor reversal signals.
Trade management scenario:
From inside the currency:
If a weekly candle closes below 6.011 – 5.36 (close next Sunday), it is preferable to exit due to the lack of clear positivity.
Positivity only returns in case of (failure point of analysis):
Returning and trading above the level of 6.011.
If you can accept the loss:
Exiting is a logical decision.
However, if you have hope, you can wait for the close of next week and then make a decision.
Notice:
This is just a personal opinion and effort, and not a recommendation to sell or buy.
