The pair was stuck above resistance for the previously breached bearish channel and below the retest level 1.2730; whereas momentum indicators lost bullish momentum and thereby maintaining chances of achieving yesterday’s suggested bearish scenario intact. We expect a bearish intraday trend that targets 1.2570 mainly, but keep an eye on trading for 1.2730, where if the pair stabilizes above this level it will weaken the suggested bearish trend prevailing.
The trading range for today is among the key support at 1.2520 and the key resistance at 1.2835.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair returned to stabilize below 1.5530 and thereby making chances of resuming the bearish trend once again high. Signs of a minor bearish pattern are appearing at 1.5500, which encourages us to expect a bearish intraday trend that requires main factors; first, a clear breach of 1.5500 that paves the way towards level 1.5400 initially, second stabilizing below 1.5620. Keep in mind that trading is reaching 1.5465, where we expect the pair to find strong support there and possibly cause a reversal to trade to the upside, which could change the short term trend to the upside.
The trading range for today is among the key support at 1.5280 and the key resistance at 1.5750.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
The pair moved to the downside after strongly breaching the rising wedge shown yesterday after retesting this level once again, which meets with pivotal resistance 84.85. Momentum indicators are nearing overbought areas, thus making us expect a bearish direction over an intraday basis; targets start at 83.85 then 83.00. Chances of achieving the suggested scenario require a base to be built below 85.25.
The trading range for today is among the key support at 82.55 and the key resistance at 85.50.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
The pair stabilized below pivotal support that is currently descending towards 1.0280; whereas momentum indicators are showing clear oversold signs. These ongoing negative pressure points out there are chances of resuming more short term bearish trend. Therefore, we recommend observing trading today specifically for pivotal levels represented in resistance 1.0280 and support 1.0200. As today’s closing for these levels holds the keys to insuring the pair’s short term intraday direction.
The trading range for today is among the key support at 1.0130 and the key resistance at 1.0460.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.
The pair yesterday showed two conflicting directions for the technical patterns. The first pattern is bearish as its neckline is at 1.0530, holding the ability to push the pair towards correcting to the downside as the last bullish wave that has started from levels 1.0245; whereas the second bullish direction that initially stands to bearish correct, as mentioned above. Therefore, settling at the bottom achieved yesterday around 1.0520. From here, we point out the importance of observing the mentioned pivotal levels that is able to insure the pair’s channel for today.
The trading range for today is among the key support at 1.0400 and the key resistance at 1.0745.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