The bounce at short term double bottom of 5.45 failed due to lack of volume. It tried to breach EMA 8 at 5.78 but volume was too weak to push it up. Looking back, since the general trend was a strong downtrend, any bounce could be limited.

As traders, we can only work on probabilities. We define our bias, bullish or bearish, but must always be prepared to act when we realize we are wrong.

The breach of 5.45 negates the double bottom. Next support at 4.75 then 4.50.

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