The pair breached the support line for the bullish channel appearing on the image above, where a possibility of a bearish technical pattern’s neckline is at 1.3115. These factors make us expect a bearish intraday direction, but keep in mind that the two main points is achieving this descend; first, a clear breach of 1.3115, second is building a base below 1.3250. The breach of this level will help the bullish pace to return.
The trading range for today is among the key support at 1.2990 and the key resistance at 1.3250.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair continued its negative pressure yesterday to breach the bullish short term channel to stabilize below resistance for the initial ascending channel, shown in the dotted line in the image above. The negative pressure is causing pivotal support to be breached at 1.5830; thus making us expect a bearish direction today that targets 1.5665 mainly, where chances of achieving them remain intact if we do not witness a breach of 1.5945.
The trading range for today is among the key support at 1.5665 and the key resistance at 1.5945. The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
The pair is trading within the bearish channel that protected by SMA 50 that is currently near 38.2% Fibonacci correction, where the pair is presently around resistance for this channel accompanied by negative signs appearing through the stochastic. Therefore, we expect a bearish intraday direction that will start its targets at 85.00 then 84.00, where stability below 86.55 is required to prevail.
The trading range for today is among the key support at 84.00 and the key resistance at 86.55.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
The sideway range for support is showing strong solidity in front of the pair and causing it to strongly push to the upside, where signs of a bullish technical pattern appearing over the four-hour chart, which is expected to lead trading in the upcoming period. Momentum indicators are showing overbought signs, which are causing some fluctuation until this negativity is gone. Meanwhile, building a base above SMA 50 and the mentioned bullish technical pattern are factors that encourage us to expect a bullish intraday overall trend; requiring primarily a clear breach of pivotal resistance levels between 1.0555 and 1.0625 and head towards levels at 1.0800 initially. It is vital that stability is resumed below 1.0455 to postpone the bullish trend continuing and maintain our sideway trading intact.
The trading range for today is among the key support at 1.0340 and the key resistance at 1.0800.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.
The pair continued yesterday’s bullish direction surpassing pivotal resistance levels and most importantly 1.0275 then 1.0300, accompanied by the bullish technical pattern that has been insured by the breach of 1.0300; therefore, providing the possibility of witnessing a bullish rebound to the upside. The clear overbought signs appearing through momentum indicators could cause some fluctuation to retest 1.0300. In overall, we can expect a bullish intraday trend that targets 1.0405 then 1.0470, keeping in mind the breach of 1.0235 that will weaken chances of achieving this ascend and lead to resuming the bearish direction that the pair has started on the 20thof July.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0470.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