The pair respected yesterday’s expectations and halted the move at the resistance for the descending channel which declined to 1.2120. Momentum indicators show overbought signals, and in addition to the mentioned resistance and 61.8% correction, we see the likelihood for an intraday downside move targeting 1.1980. Four-hour closing above 1.2150 will accelerate the upside move initially towards 1.2300.
The trading range for today is among the major support at 1.1980 and the major resistance at 1.2220.
The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.
The pair moved inline with our expectations yet facing the resistance of 61.8% correction in the second attempt seen on the chart above. This resistance is supported by negative momentum which is why we expect an intraday downside move targeting initially 1.4635 then 1.4570 and requires four-hour closing below 1.4730.
The trading range for today is among the major support at 1.4540 and the major resistance at 1.4855.
The short term trend is to the downside as far as 1.5590 is intact with targets at 1.3800.
The pair failed in stabilizing below the critical support at 90.90 and trading returned within the ascending channel. Stochastic unloaded the negative momentum and provided a positive crossover; we expect an intraday upside move which requires the breach of 91.80 targeting initially 93.30. Breaching 90.90 will activate the bearish scenario targeting 89.55 and 88.80.
The trading range for today is among the major support at 90.60 and the major resistance at 93.30.
The short term trend is to the downside as far as 101.65 is intact with targets at 82.60.
The pair reached the target set yesterday around 1.1390, though the pair couldn’t stabilize below the retest level for the breached channel resistance as seen above. Sings of a bullish pattern are seen over four-hour basis, in addition to overbought signs on momentum indicators and stabilizing above 1.1390. We expect a bullish intraday move for today initially breaching 1.1440 then 1.1480; though stabilizing below 1.1390 will extend the downside correction which targets 1.1250.
The trading range for today is among the major support at 1.1250 and the major resistance at 1.1605.
The short term trend is to the upside as far as 1.0200 is intact with targets at 1.2295.
The pair breached the neckline mentioned this morning around 1.0330 yet hit the 76.4% correction for the last upside wave shown on the four-hour chart above. Momentum indicators are providing positive signals and therefore we expect the pair to move to the upside retesting the previously breached critical support areas among 1.0330-1.0360 and favor the continuation of the intraday downside move affected by the completed bearish pattern yesterday. Observe the pair closely around 1.0360 areas as an upside breach fails the bearish scenario and takes the pair back to the short term bullishness.
The trading range for today is among the major support at 1.0170 and the major resistance at 1.0510.