This may be the final move down. The pair has reached the bottom of a channel on the daily chart at 0.9413 which could offer support for a bounce. ADX(8) has risen to 57.96 which is high and indicates the market will probably enter a consolidation phase.
However, there has been no bounce yet and the point and figure targets are pointing at a move down to 0.9340 which is also the base of the Ichimoku cloud.
It is possible, therefore, that the pair will go down to around 0.9340 before bouncing but a stronger buy signal is required to support a change of trend.
Analysis prepared by:Joaquin Monfort