spotfxtrader

Interesting juncture here.

Market has probed the 1086 identified support and rejected it

Subsequent action has retested the key 1157 area.
These levels also coincide with the triangle formation.

It’s difficult to interpret the current upswing as an impulsive rejection of the lows just yet, so current expectation is for one further downswing to complete the descending wedge into the triangle perimeter. This would open the possibility of a test of the 1050 area.

The caveat to this interpretation is that the whole pattern of each decline over the past two years appears to be breaking down into a three wave formation. However we would probably need to see the market back above the 1230 area to signal a more significant low is in place.