So much for the .9221 ex support. Sellers sliced through this and we nosedived to .9109. Everything screams oversold, but unless buyers take this back above .9221 and quickly, the sellers could carry on with their relentless march lower. Well, more of a Lindford Christie sprint actually.
So far, at the moment, we are trading below the Daily Pivot point of .9181 and if this continues then possibly the buyers will go into hiding until this onslaught lessens.
However, they may well have a cunning plan which involves giving the impression of going into hiding, but as soon as the daily stochastics turn bullish they will leap from the 4 corners of the globe and batter the sellers into submission and try and get some revenge for the 2 months of the bear market.
Our weekly charts are also oversold with stochastics of 11% and RSI at 15%. We know these levels of weakness need to be resolved and possibly the first clue will come from the 4 hourly charts. This is why we are focussing on all 4 timeframes this week: