Yesterday's short-term technical outlook:
In yesterday's short-term technical outlook, I discussed that it was likely to see a short squeeze break out of the ascending channel pattern that was showing on the chart. Consolidating so close to the 1.23 major support figure suggested that a surge in momentum would likely break the figure opening the downside. That is exactly what happened.
It can now be clearly seen that the 1.23 major support figure acted as resistance as price decided to pull back to the backside of the figure. With consistent lower lows and lower highs, the directional bias on this pair is to the downside. Selling upticks and pullbacks will be preferred until proven otherwise.
Next downside target at key support at 1.2206.
I hope this gives you traders clarity on this pair.
Enjoy!
In yesterday's short-term technical outlook, I discussed that it was likely to see a short squeeze break out of the ascending channel pattern that was showing on the chart. Consolidating so close to the 1.23 major support figure suggested that a surge in momentum would likely break the figure opening the downside. That is exactly what happened.
It can now be clearly seen that the 1.23 major support figure acted as resistance as price decided to pull back to the backside of the figure. With consistent lower lows and lower highs, the directional bias on this pair is to the downside. Selling upticks and pullbacks will be preferred until proven otherwise.
Next downside target at key support at 1.2206.
I hope this gives you traders clarity on this pair.
Enjoy!
