The pair continued its negative pressure in order to breach pivotal support shown in red in the image above, where it has currently turned into resistance at 1.2360. We expect this level to be retested due to the positive effect of momentum indicators, followed by continuing the bearish intraday trend and initially targeting key support 1.2180. It is vital that the four hour closing continues below 1.2360 to maintain the suggested scenario.
The trading range for today is among the key support at 1.2180 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 pivotal support level 1.4345 – 1.4340 maintains its stance in front of the pair’s attempts to descend, where it has started to form a possible neckline for the bearish technical pattern that is completed. Due to the effect of the minor descending channel which controls intraday trading, we expect a breach of this level to pave the way towardsthe expected bearish direction over an intraday basis
; targeting first 1.4230. This scenario first requires a clear breach of the mentioned level as well as stability below 1.4420 to prevail.The trading range for today is among the key support at 1.4155 and the key resistance at 1.4460.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair’s trading is wedged between correction 23.6% and 38.2% Fibonacci for the last bearish wave, where it seems that there isn’t enough momentum to retest the previously broken support level at 91.10. From here, we expect a base to be built on 38.2% Fibonacci at 90.70, followed by a bearish reversal that the pair will achieve through it the bearish intraday trend
; targets start at 89.00 and require the daily closing to stabilize below 91.10.The trading range for today is among the key support at 88.70 and the key resistance at 91.10.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The pair stabilized above the resistance for the sideway range shown yesterday at 1.1585, while signs of an ascending channel that organizes the current short term wave is appearing. Despite of the negative signs appearing on momentum indicators, currently MA 50 supports the bullish wave; therefore, we expect the pair to witness more bullish movement over an intraday basis
, as its main target for today is level 1.1790 and requires the stability of support levels between 1.1530 – 1.1460 to prevail. Meanwhile, overbought momentum indicators could cause fluctuation and some bearish correction from time to time. The trading range for today is among the key support at 1.1460 and the key resistance at 1.1790.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
The pair stabilized with correction levels between 23.6% and 38.2% Fibonacci, in addition to MA 100 standing as strong support in front of the pair’s attempts to bearishly correct. Meanwhile, the pair managed to push upwards to breach minor pivotal resistance at 1.0660 that will pave the way towards achieving the bullish trend over an intraday basis.
The negative momentum
we can expect to rid of them when the broken resistance is retested. Technical targets expected for today start at 1.0745 then 1.0795. It is vital that 1.0565 stabilizes to achieve expectations.The trading range for today is among the key support at 1.0565 and the key resistance at 1.0865.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Main Technical Analyst