We have a confirmed break below the lower bound of the D1 trend with yesterday's candle closing a solid 30 pips below my trend line. However, the pair appears to have found support at the previous low of the trend and may be in the very early stages of forming a double bottom. With the Asian session warming up over the next few hours, I will wait for confirming price action in one direction or the other before taking a position on this. Looking at the weekly chart, this appears to possibly be a break out of 4+ months of consolidation continuing the previous long term downward movement.
