Black line- neckline resistance
In our previous analysis we mentioned the rejection at the neckline resistance at 0.6265. We noted that in order to get a bullish signal price needed to push above the neckline resistance. As long as price was trading below the neckline it would be vulnerable for more downside. Short-term support at 0.6223 failed to hold and price declined lower. In our previous analysis we said that a break below 0.6223 would push price towards 0.6150. Price now is around 0.6173. A break below the right hand shoulder low at 0.6131 would be a bearish signal.
