Previous short-term technical outlook:
As you can see the previous short-term technical outlook played out perfectly to our expectations.
The pressure on this pair continues to remain to the downside with the market yet to print a major higher high. The previous short-term support at 84.65 is now short-term resistance. If price remains below the latter figure it will be preferred to fade upticks and up-moves. If, however the market can sustain above the 84.65 resistance figure that may signal the end of the corrective pullback on this pair and we may see higher pricing.
A break to the downside below the previous swing low and the 83.8 support figure will signal a deeper pullback and put sights down to the next key institutional support figure at 83.17.
I hope this offers some clarity on the directional bias of this pair.
Enjoy!
As you can see the previous short-term technical outlook played out perfectly to our expectations.
The pressure on this pair continues to remain to the downside with the market yet to print a major higher high. The previous short-term support at 84.65 is now short-term resistance. If price remains below the latter figure it will be preferred to fade upticks and up-moves. If, however the market can sustain above the 84.65 resistance figure that may signal the end of the corrective pullback on this pair and we may see higher pricing.
A break to the downside below the previous swing low and the 83.8 support figure will signal a deeper pullback and put sights down to the next key institutional support figure at 83.17.
I hope this offers some clarity on the directional bias of this pair.
Enjoy!
