The pair reached halfway towards the awaited target yesterday at 1.2070, returning to attempt a retest for the previously breached support at 1.2210. Yesterday’s closing below the mentioned levels makes us expect the bearish intraday trend to prevail
, where its key targets start around 1.2070, but keep in mind that the breach of 1.2315 will fail the expected bearish direction for today.
The trading range for today is among the key support at 1.2070 and the key resistance at 1.2470.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair was not able stabilize above 1.5100 to return to test the pivotal support at 1.5010, while gradually unloading the negative momentum seen over four-hour basis. We expect a base to be built once again on the mentioned support level, followed by resumption to the expected bullish intraday trend
targeting mainly the resistance for the bearish direction at 1.5230. Keep in mind that breaching 1.5010 will activate the bearish technical pattern and reverse the direction to the downside.
The trading range for today is among the key support at 1.4900 and the key resistance at 1.5230.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair stabilized below the support for the bearish trend that has currently turned into resistance at 88.70. We expect a base to be built on this level, from where the pair will start the overall bearishness projected for today
targeting 88.00 then 87.30. Our bearish expectations remain valid as far as trading remains below 89.30.
The trading range for today is among the key support at 87.30 and the key resistance at 89.70.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The negative momentum has pressured the pair to the downside yesterday to trade below the key support 1.0825; but in return, the 76.4% Fibonacci correction at 1.0790 was a strong barrier against further bearishness. Stochastic is unloading the negative momentum and provided a positive crossover which make us expect a bullish intraday direction activated with the breach of 1.0825 and building a base above then heading towards 1.0880 and 1.0970. Note that breaching 1.0790 extends the bearish possibility and will make us reconsider our expected bullish reversal from yesterday’s reports.
The trading range for today is among the key support at 1.0695 and the key resistance at 1.0970.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The pair continued its upside rush as it breach 1.0500 but is finding a hard time surpassing 76.4% Fibonacci until now. Some fluctuation and volatility are expected due to clear negative momentum, where we expect the pair to reach the support for the main bullish channel again around 1.0500 – 1.0510 before continuing the expected bullish intraday direction mainly
targeting 1.0675. Keep in mind that the breach of support area among 1.0500 – 1.0470 will weaken the expected bullishness.
The trading range for today is among the key support at 1.0410 and the key resistance at 1.0675.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst