Here on the daily chart we broke a major support level of 111.22. Seller's clearly have the momentum herewith a foreseeable target of 108.42.
As far as price action is concerned, we are in a downtrending channel (notated by the 2 downtrending diagonal lines). Today being Sunday/Monday (depending where you are in the world), price may hit the bottom of this channel, come and retest 111.00+ before continuing downwards.
The market always likes to retest and respect levels before a trend continuation, just to be sure whether the buyers or sellers have control in the market.
What are your thoughts? 馃
