These technical outlooks are NOT trade ideas, they are simply technical analysis to give traders a DIRECTIONAL BIAS on the day.
Good evening traders!
With price remaining below the 1.0505 resistance figure marked in yesterday's technical outlook the swift downside move was not a surprise. The spike low at 1.0341 however is throwing things off.
The bias on this pair has shifted to the downside with the formation of a lower high and the break of fresh lows, however the spike low was matched by quick buying. A break below the spike low at 1.0341 is required to open up the downside again.
Shorting opportunities will remain preferred below the 1.0505 resistance figure and only a break above the figure will shift the bias and put buyers back in control.
I hope this offers some directional clarity on this pair.
Enjoy!
Good evening traders!
With price remaining below the 1.0505 resistance figure marked in yesterday's technical outlook the swift downside move was not a surprise. The spike low at 1.0341 however is throwing things off.
The bias on this pair has shifted to the downside with the formation of a lower high and the break of fresh lows, however the spike low was matched by quick buying. A break below the spike low at 1.0341 is required to open up the downside again.
Shorting opportunities will remain preferred below the 1.0505 resistance figure and only a break above the figure will shift the bias and put buyers back in control.
I hope this offers some directional clarity on this pair.
Enjoy!
