The main support maintained its stance in front of the pair’s attempts to push upwards to retest the previously broken neckline that has turned into resistance, where it currently ascended towards 1.2390. Stochasticis attempting to show negative signs that encourage us to expect the bearish trend to be resumed for today; the target for key support is currently descended towards 1.2170. This scenario requires resistance between 1.2390 and 1.2420 to maintain its stance.
The trading range for today is among the key support at 1.2170 and the key resistance at 1.2420.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair recorded its bullish movement yesterday for the right shoulder top from the bearish technical pattern shown in the image above, where the suggested neckline is at 1.4265. Momentum indicator have started to insure negative signs that point to the strength of chances to resume the pair’s bearish intraday trend
that targets first the possible neckline then attempting to breach, which will pave the way towards 1.4150 initially. The expected bearish pattern scenario will remain intact if we do not witness a breach of 1.4460.The trading range for today is among the key support at 1.4150 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 stuck once again between 23.6% and 38.2% Fibonacci correction, shown in the range through the image above, due to positive signs appearing through momentum indicators. The stability of support for the previously breached ascending channel will maintain the negative pressure on the pair; therefore we expect a bearish intraday trend
in overall for today. Technical targets are at 89.00 then 88.40, where achieving them depends on the daily closing remaining below 91.15.The trading range for today is among the key support at 88.40 and the key resistance at 91.15.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The pair descended to achieve a temporary breach of support for the ascending channel gradually within the bearish correction formation, where it did not surpass 76.4% Fibonacci. The pair’s return above the breached support – currently at 1.1590 – alongside positive signs appearing on the stochastic will make us expect a bullish trend for today
; main targets are at 1.1790, keeping in mind the importance of the four-hour closing below 1.1590 will weaken chances of achieving these expectations.The trading range for today is among the key support at 1.1505 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 descended to touch support for the ascending channel that organizes the current bullish wave’s trading after the effect of the strength of the main resistance shown yesterday at 1.0895 presently. The stochastic is nearing oversold areas, therefore we could witness some fluctuation until it gathers enough positive momentum to support resuming the bullish intraday trend
that mainly targets reaching mentioned resistance above. Meanwhile, building a base below 1.0665 could lead to a bearish direction reversal.The trading range for today is among the key support at 1.0565 and the key resistance at 1.0895.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