Monthly chart:
The pair has broken the confluence of the following price levels:
1. Long term trendline that supports lows of years 2004, 2005, 2006, 2010 and 2012.
2. 200 month SMA.
3. 50% retracement of the October 2000 to July 2008 uptrend, which contained price in years 2008, 2010 and 2012.
The next two strong support levels are July 2012 low (1.2042) and June 2010 low (1.1875).
Weekly chart:
It has been pretty much one way market since the beginning of the downtrend in May 2014. There was …
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