Updated 12 March 12.15pm
Last night price declined to a low of 0.9232 and price has moved higher to 0.9260 this morning. Stochastic is in the oversold extreme and MACD is also starting to move higher after reaching an extreme point. We are likely to see a rally to 0.9280, which must cap if price were to move down to 0.9180. Stop can be lowered to 0.9305 to protect capital.
Price has broken out of a bearish Flag chart pattern. This is a continuation chart pattern which means that price is likely to continue lower towards the price target at 0.9180. While Stochastic is near to the oversold zone, MACD has turned bearish and is hinting of a bearish price trend ahead. 20EMA is also turning down, after going flat for a while. Price should reach its target within the next 1-2 days ahead.