The negative pressure on the pair has caused a direct negative impact on momentum indicators as the pair descends towards support for the minor upside channel, shown below in the four hour chart.
The last four hour closing was within this channel, supported by positive signs from Stochastic, but in return the RSI is still showing overbought signs alongside signs of a descending triangular pattern that may cause more negative pressure. These signs make us observe trading more carefully today, especially for support 1.2250 – breaching it may lead to more bearish intraday movement and resistance 1.2280 – since the breach of it will cause the previous pace for the bullish trend.
The trading range for today is among the key support at 1.2165 and the key resistance at 1.2430.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The Fibonacci correctional level of 76.4% has stood as a strong barrier in front of the pair’s bullish movement, thereby forcing the pair to sharply descend below 1.4770. The pair is currently at support for the bullish intraday channel that is supported by SMA 50, but in return signs of a bearish technical pattern need some minor upside movement to complete it. The suggested neckline for this pattern is at 1.4675, where we think the pair will achieve a breach of this level due to the negative trend’s effect momentum indicators are taking. Thus, we expect a bearish intraday direction
that will initially breach the mentioned neckline and chiefly head towards 1.4540. It is vital to remain above 1.4770 once again and return chances of resuming the previous bullish short term direction.
The trading range for today is among the key support at 1.4540 and the key resistance at 1.4850.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair continued to trade in a sideway manner and thereby causing the pair to exit the ascending channel path that is below its support that has currently turned into resistance at 91.45. The bearish technical pattern shown in the image above is supported by SMA 50 remaining intact as resistance in front of the pair, alongside being below support the mentioned bullish channel. These factors make us expect a bearish intraday direction
that will start with the breach of the neckline at 90.80 to head towards 89.55 then 88.90. Keep in mind that stability above SMA 50, where it is presently valued at 91.80 renewing the pair’s chances in qualifying in the second round that is awaited at 93.30.
The trading range for today is among the key support at 89.55 and the key resistance at 92.25.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The bearish channel’s support level has shown resilience in front of the pair’s attempts at a strong upside movement after achieving full targets for the previously breached bearish technical pattern at 1.1480. Momentum indicators are showing a bullish trend, alongside trading within the current bearish channel, where we expect a bullish trend today
; targeting pivotal resistance around 1.1440. Keep in mind that the breach of 1.1245 will pave the way towards continuing the bearish correction direction, where its upcoming targets are around 1.1115.
The trading range for today is among the key support at 1.1185 and the key resistance at 1.1440.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The bottom previously recorded stood at 1.0220 in front of the pair’s ambition in achieving more bearish movement, due to the effect of the bearish technical pattern shown in our previous reports. Momentum indicators are showing bullish signs that may force the pair to try an attempt to move to the upside, which in it role could attack pivotal resistance 1.0330 then head towards the previously breached bullish trend at 1.0400. We recommend observing trading today
, especially for the pivotal levels mentioned starting with the bottom recorded at 1.0220, crossing by the retest level 1.0330 then heading towards the bullish trend at 1.0400.
The trading range for today is among the key support at 1.0125 and the key resistance at 1.0400.