Contrary to expectations, the lower trend-line of a one-month long ascending channel did not managed to stop the currency rate from falling, even though it was additionally backed up by the weekly S1 and the 200-hour SMA.
Basically, yesterday’s downfall illustrates the breakout from a larger rising wedge formation, which can be more clearly seen on daily chart. As the pair has already crossed key technical barriers, the plunge is expected to continue. In support of this assumption, the majority of pending orders both in 50- and 100-pip ranges are set to sell. In that case, the closest support levels most probably will be located near the weekly S2 at 1.1953 and the monthly PP at 1.1917.
