Looking at the graph you will be able to see that last two months we are in the middle of a battle between Bulls and Bears. Bears are trying to reach new levels for first time this year while Bulls are trying to stop them. It is the third time in less than two months that Bears are trying to penetrate below the support level of 0.9660. We haven’t seen the price below that level since 22 October of 2015.
Scenarios
A possible break below the 0.9660 level will trigger many stop orders, in other words it will give the power the Bears need to push further the price to lower levels, so it is possible to see price also testing the next support level 0.9470.
On the other hand if Bulls manage to keep the Bears above the 0.9660 level, we expect them to push the price higher in order to gain some space and time to think of their next move. A penetration of the 0.9788 level will alert us for further upward movement.