The pair is fluctuating within the narrow range yesterday and gradually nearing the retesting level for the previously broken support that has currently turned into resistance at 1.2010. Stochastic started to turn negative and thereby encouraging us to maintain our previous expectations of a bearish intraday trend that targets initially 1.1900. Keep in mind that the breach of 1.2010 and building a base above it will pave the way for natural trading within the current downside channel, and then head towards its resistance at 1.2200.
The trading range for today is among the key support at 1.1845 and the key resistance at 1.2100.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair managed to achieve the suggested scenario in our midday report yesterday and returned to try and attempt to achieve it once again, where it gradually neared pivotal resistance 1.4540 forming the right shoulder of the suggested bearish technical pattern shown above. We recommend a bearish trend for today, supported by the stochastic targeting 1.4395 then 1.4335 that requires the four-hour closing below 1.4595 to remain intact.
The trading range for today is among the key support at 1.4335 and the key resistance at 1.4595.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
SMA 50 continues protecting our expectations shown yesterday for the bearish trend, where it has formed a strong resistance in front of the pair’s attempts at ascending. This factor alongside stability below 61.8% Fibonacci correction and bearish trend, which has been started by the stochastic, were all signs that the expected trend for today is bearish; starting its targets at 91.00. Keep in mind the importance of this stability remaining below 92.90 to insure chances of achieving this scenario.
The trading range for today is among the key support at 90.00 and the key resistance at 92.90.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The pair is fluctuating gradually near support for the ascending channel at 1.1600 while getting rid of negative momentum shown in the four hour chart. The mentioned support that is supported by SMA 50 that encourages us to expect a bullish intraday direction; technical targets start at 1.1735 then 1.1780 requiring stability of 1.1480 so expectations may prevail.
The trading range for today is among the key support at 1.1480 and the key resistance at 1.1735.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The pair continued its bearish correction from yesterday until it halted at 50% Fibonacci at 1.0510. The stochastic is showing oversold signs with positive crossover signs, alongside trading above SMA 100, we see that the expected direction for today is bullish over an intraday basis; targeting 1.1675 then 1.1740 and requires support levels between 1.0510 and 1.0470 remains intact.
The trading range for today is among the key support at 1.0470 and the key resistance at 1.0740.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Main Technical Analyst