Long term: lower

 On a yearly basis, UY / LY spread is increasing slowly. A bearish non-crossover is in progress for some periods with our 7 / 23 years moving averages. Our stochastic and MACD are overbought.

 On a quarterly basis, our 7 / 23 quarters moving averages are bearish and this trend will continue for some periods (bearish non-crossover next year). UQ is up and LQ is down. Historical low is our first objective.

On a monthly basis, Bollinger bands spread is wide. The status for our MACD is overbought. LM is a our first target.

Idea: bearish next year.

R = MM (1.0877);     S = LQ (0.9865), LM (0.9788), 0.9639

Medium term: like a bearish parallel pattern

On a weekly basis, UW / LW spread is not minimal but expending. The trend for our 7 / 23 weeks moving averages is bearish. As long as PW act as a resistance, the bear trend could amplify. Above MW, MM is our next resistance.

Idea: lower

R = PW (1.0386), MW (1.0595);    S = LM (0.9789), 0.9639

Short term: bearish parallel pattern in progress

On a daily basis, a bearish parallel pattern is in progress. A bearish crossover PD / MD with a dynamic for UD is not ruled out (if a bearish non-crossover develop with our stochastic / MACD).

Idea: add bearish position with a bearish non-crossover develop with our stochastic / MACD.

R = MD (1.0265);     S= 1, LM (0.9789), 0.9639

Conclusion: towards LM or below.