The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The market has been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery is being witnessed this week.

The pair has lost almost 750 pips since the beginning of 2015 as the market is revisiting the lowest rates since November 2003.

After monthly breakout below 1.2000, approximate long-term projection targets would be located near 0.9450.

On the daily chart the market looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT and the lower limit of the movement channel on the H4 chart).

Conservative traders should wait for a bullish pullback looking for better prices to SELL the pair off.

On the other hand, BUYING the pair is considered a low-risk opportunity after such a steep decline, especially after a daily candlestick that represents bullish reversal.

The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.