The negative pressure on the pair yesterday has caused the breach of pivotal support levels starting from the bullish channel and passing by the retest of the previously broken neckline at 1.2330. SMA 50 has stopped the pair’s bearish movement, supported by oversold signs on Stochastic; thus; causing a bullish rebound. We recommend observing trading for today
, especially support 1.2280 – breaching it to pave the way for more bearish correction – resistance 1.2330 – that would breach it to the upside after returning the breached bullish pace since yesterday -.
The trading range for today is among the key support at 1.2170 and the key resistance at 1.2780.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair stabilized between 1.4730 and 1.4770 representing the meeting point with support represented in 61.8% Fibonacci that has turned into support after breaching it, alongside SMA 50 and support for the ascending channel that has organized the bullish intraday wave shown above. Stochastic is showing positive signs that make us expect resuming the bullish intraday direction
; targets start at 1.4935. Keep in mind that the four hour closing below 1.4730 that may change the intraday direction today into a bearish one.
The trading range for today is among the key support at 1.4635 and the key resistance at 1.5935.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair halted its upside movement precisely at yesterday’s awaited resistance level at 91.45, where it will start the expected bearish reversal. The strength for the mentioned resistance is due to SMA 50 meeting with 50% Fibonacci, where it has retested the breached minor bullish channel’s support level. All these factors encourage us to expect a bearish intraday direction
that will start its targets at 89.55; requiring a base to be built below 92.35 to prevail.
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 resistance mentioned yesterday has halted at 1.1115 as a strong barrier in front of the pair’s push to the upside; thus, maintaining yesterday’s suggested scenario. Stochastic is showing negative signs that make usexpect a bearish intraday trend
; targeting its key targets at 1.0970. We point to stability above 1.1115 that may postpone achieving bearish targets.
The trading range for today is among the key support at 1.0970 and the key resistance at 1.1215.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The pair is facing the resistance level for the bearish intraday channel that organizes the pair’s descend since the second top for the breached bearish technical pattern at 1.0330 shown in our previous reports, accompanying this resistance with Stochastic which in overbought areas. Therefore, yesterdays scenario will remain active, where we see that the expected direction is bearish over an intraday basis; targeting 1.0080 – 1.0000 mainly and requires stability below resistance levels between 1.0250 – 1.0330.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0330.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.