The pair almost managed to achieve the key awaited target from yesterday at 1.2420, but support levels have halted this ascend – 38.2% Fibonacci and the minor ascending channel in addition to the MA 50 accompanied by overbought signs on Stochastic -. These factors could push the pair to touch support for the ascending channel and then rebound to the upside so the pair may achieve through it a bullish intraday trend; targeting 1.2480 mainly and requiring stability above 1.2150.
The trading range for today is among the key support at 1.2150 and the key resistance at 1.2480.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair achieved a sharp descend yesterday, although this descend remained within the ascending channel steadily, shown in the image above, where the four-hour candlestick closing was above 1.4530. Reaching resistance once more is accompanied by negative signs from momentum indicators that point so some possible bearish movement to build a base once again on channel’s support level that is currently at 1.4470, and then resume the bullish direction for today
initially targeting 1.4600. The breach of 1.4470 could lead to more bearish correction that may directly reach 1.4390.The trading range for today is among the key support at 1.4390 and the key resistance at 1.4720.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair pushed to the upside to retest previously breach support that has currently turned into resistance at 91.25, where it being met by 50% Fibonacci correction. Momentum indicators have started to gradually lose bullish momentum, thus encouraging us to maintain previous expectations for the previous trend since expectations of a bearish trend for today remain intact
; targeting first 90.00 then 89.00. The suggested scenarios will prevail if the daily closing remains below 91.25.The trading range for today is among the key support at 89.00 and the key resistance at 91.95.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The pair attempted to breach the suggested neckline yesterday, but the strength of support levels from the ascending channel, MA 50 and 76.4% Fibonacci correction combined have prevented achieving more bearish movement – the chart above shows support levels -.Stochastic supports attaining more upside movement within the descending channel; therefore we expect to touch resistance at 1.1635 before continuing the bearish intraday direction
, where targets start at 1.1505 then 1.1465. The breach of 1.1635 will pave the way to return within the previously breached bullish path.The trading range for today is among the key support at 1.1400 and the key resistance at 1.1635.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
The pair was able to insure the breach of the suggested neckline yesterday, while the bearish wave managed to halt at the first awaited station at 1.0480. The minor bullish correction could retest the breached neckline, followed by resuming the bearish intraday direction
mainly targeting visiting 1.0390. Chances of achieving the awaited targets intact if we do not witness stability above 1.0620.The trading range for today is among the key support at 1.0390 and the key resistance at 1.0665.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