Bears look to the target area of the 1.3400s., the price dropped accordingly and the bears are in the clear for a run to test 1.3400. It was argued that ´´the bears will stay the course and break below the recent lows for a bearish extension.´´
The price is on the back side of the prior 4-hour bullish trend/correction, and the M-formation can be regarded as a topping pattern. The neckline of the pattern might act as resistance on a pullback and lead to a subsequent lower low to target the 1.3440-50s.´´ If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.