The pair found renewed bearish momentum after breaking support at 1.0945 and is declining downwards to test next major support level at 1.0833.
The pair is trading around 1.0867 levels and it is expected decline further towards 1.0800 and 1.0770 levels in the short term.
The short term picture depicts further decline for this pair, as the RSI in the 4 hour chart is indicating downwards, the 55, 30 and 20 MA’s are pointing towards downwards. Overall the technical indicators are depicting bearish momentum for the pair.
To the upside, the strong resistance can be seen at 1.0945, a break above this level would expose the cable to next resistance level at 1.0980.
To the downside immediate support can be seen at 1.0833, a break below at this level will open the door towards next level at 1.0770.
Support levels: 1.0833 1.0770 1.0703
Resistance levels: 1.0893 1.0945 1.0980
Recommendation: Go short around 1.0890/1.0910, targets around 1.0830/1.0770, SL 1.0980
The pair is trading around 1.0867 levels and it is expected decline further towards 1.0800 and 1.0770 levels in the short term.
The short term picture depicts further decline for this pair, as the RSI in the 4 hour chart is indicating downwards, the 55, 30 and 20 MA’s are pointing towards downwards. Overall the technical indicators are depicting bearish momentum for the pair.
To the upside, the strong resistance can be seen at 1.0945, a break above this level would expose the cable to next resistance level at 1.0980.
To the downside immediate support can be seen at 1.0833, a break below at this level will open the door towards next level at 1.0770.
Support levels: 1.0833 1.0770 1.0703
Resistance levels: 1.0893 1.0945 1.0980
Recommendation: Go short around 1.0890/1.0910, targets around 1.0830/1.0770, SL 1.0980