Previous low hit. Support made price to bounce sharply

Hi Folks:

Here's my view on this pair. We hit the previous low and bounced quite strongly from there. See the chart.

We continue under bear's territory and having an engulfing bearish candle on the daily timeframe

Need to reevaluate different possibilities. The black circle below is the area that will offer major support (intersection of trendlines)

Cheers

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Trend Analysis

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