The pair rushed to the upside breaching 1.1990, trading in the channel shown above, and also extending the upside move towards 61.8% at 1.2150, which meets the resistance for the downside channel.
Therefore, we see the likelihood for an intraday upside move targeting the aforesaid resistance, supported by the formation of a bullish pattern with the neckline at 1.2045. Our expectations remain valid as far as areas of 1.1975 remain intact.
The trading range for today is among the major support at 1.1870 and the major resistance at 1.220.
The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.
The pair strongly breached the resistance for the descending channel and rushed to the upside failing the bearish scenario suggested earlier, where the pair failed in breaching its neckline. Further intraday upside movement is expected today, affected by the breach of the aforementioned resistance and the 100 MA; also signs of a bullish pattern are seen at 1.4605 where its breach will lead the pair towards 1.4795 areas. Momentum indicators are providing negative signals that might cause some fluctuation in the attempt to breach the neckline at 1.4605.
The trading range for today is among the major support at 1.4450 and the major resistance at 1.4795.
The short term trend is to the downside as far as 1.5590 is intact with targets at 1.3800.
The pair continues with the negative pressure, fluctuating around the support level for the ascending channel which structured the upside correction. Accordingly, we hold onto our previous expectations for the trend, were we still believe that the pair will move bearishly over intraday basis today activated with the breach o the support area among 90.15-90.90 then heading to the initial target at 89.00. Stability below 91.80 areas is required for our expectations to remain valid.
The trading range for today is among the major support at 89.00 and the major resistance at 92.90.
The short term trend is to the downside as far as 101.65 is intact with targets at 82.60.
The pair strongly breached the crucial support at 1.1480 activating the breach pattern mentioned in our previous report. The breached resistance at 1.1420 is standing against the pair’s movement to acquire the pattern’s targets supported by positive sings on momentum indicators. Therefore, we might witness a retest to the 1.1480 followed by resumption to the intraday downside move expected for today with targets starting from 1.1300 then 1.1250. Note that four-hour closing above 1.1480 fails the suggested bearish patter.
The trading range for today is among the major support at 1.1250 and the major resistance at 1.1550.
The short term trend is to the upside as far as 1.0200 is intact with targets at 1.2295.
The pair continued the negative pressure on the support for the ascending short term channel at 1.0340 affected by the bearish pattern completed at 1.0510. Sings of a bearish pattern are seen over the bigger pictures, with the neckline at 1.0330, which is why we recommend observing the pair around the critical support area between 1.0340-1.0330, as breaching its area leads the pair towards 1.0100 then 1.000; while if it holds against the pair’s downside move it will protect the short term bullishness.
The trading range for today is among the major support at 1.0170 and the major resistance at 1.0510.
The short term trend is to the upside as far as 0.9925 is intact with targets at 1.1485.
By: Yasir Mubarak
Main Technical Analyst