These technical outlooks are NOT trade ideas, they are simply technical analysis to give traders a DIRECTIONAL BIAS on the day.
Good evening traders!
Price remaining below the spike high and key resistance at 123.86 saw the formation of a lower high and a swift move to the downside, however the 122.2 short-term support remains intact.
A break below such support will send prices toward the lower boundary of the consolidation range.
At this point only a break above the spike high at 123.86 will expose the 124.10 range highs and a potential extension, so further consolidation is expected with dip buyers waiting for a prime opportunity.
I hope this offers some directional clarity on this pair.
Enjoy!
Good evening traders!
Price remaining below the spike high and key resistance at 123.86 saw the formation of a lower high and a swift move to the downside, however the 122.2 short-term support remains intact.
A break below such support will send prices toward the lower boundary of the consolidation range.
At this point only a break above the spike high at 123.86 will expose the 124.10 range highs and a potential extension, so further consolidation is expected with dip buyers waiting for a prime opportunity.
I hope this offers some directional clarity on this pair.
Enjoy!
