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Thomas Long, Course Instructor

A move down through the support level of 1.22409 would change the pattern of higher highs and higher lows on the hourly chart and perhaps open the door to more selling. There does come a point in time when you have to consider a change in trend for this pair and on the daily chart I offer a couple of price levels to watch. The first is the previous sell side high of 1.26711 of May 21st. A move up through that level would not necessarily be a trend change, but it would mean that this downtrend is weakening and that would lead to looking at other pairs for stronger trends to trade.

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