Previous short-term technical outlook:
Friday's swing low at 1.223 was quickly bought up to close the day positive, however risk remains to the downside. The resistance trend line does still remains intact and as such we can expect to see further downside.
First institutional resistance above is at 1.2313 which previously acted as decently strong support. Below the figure should keep sellers in control and it will be preferred to sell upticks and up-moves. We can expect to see any up-move into the figure to be quickly faded with potential pending short orders near the figure. It would take a break above the figure to signal a pullback and further upside on this pair.
A break below short-term support at 1.223 is required to open the downside.
I hope this offers some directional clarity on this pair.
Enjoy.
Friday's swing low at 1.223 was quickly bought up to close the day positive, however risk remains to the downside. The resistance trend line does still remains intact and as such we can expect to see further downside.
First institutional resistance above is at 1.2313 which previously acted as decently strong support. Below the figure should keep sellers in control and it will be preferred to sell upticks and up-moves. We can expect to see any up-move into the figure to be quickly faded with potential pending short orders near the figure. It would take a break above the figure to signal a pullback and further upside on this pair.
A break below short-term support at 1.223 is required to open the downside.
I hope this offers some directional clarity on this pair.
Enjoy.
