Yesterday's short-term technical outlook:
Price is currently breaking out of that rounded resistance trend line to the upside. If buying pressure holds the first upside target is at institutional resistance at .6926. This level will be key as a break above will signal a deeper pullback to major resistance at .6972.
For the time being a move above the .6972 resistance figure is unlikely and we can expect to see pending short orders near the figure. I would not be surprised to see a swift move into the figure to be faded.
I hope this offers some clarity on the directional bias on this pair.
Enjoy!
Price is currently breaking out of that rounded resistance trend line to the upside. If buying pressure holds the first upside target is at institutional resistance at .6926. This level will be key as a break above will signal a deeper pullback to major resistance at .6972.
For the time being a move above the .6972 resistance figure is unlikely and we can expect to see pending short orders near the figure. I would not be surprised to see a swift move into the figure to be faded.
I hope this offers some clarity on the directional bias on this pair.
Enjoy!
