Previous short-term technical outlook
We have yet to see price break above this rounded resistance trend line marked on the chart, with price very much respecting it in our previous short-term technical outlook. The dip to the downside on Friday however was quickly bought up at the .68620 low and the engulfing candle on the daily signals a deeper pullback.
It will take a break above the rounded resistance trend line and above the first institutional resistance figure at .69260 to see a push higher into the major key institutional resistance at .6972.
Sellers will remain in control so long as price remains below the .6972 resistance figure and we can expect to see a sharp move into the figure to be quickly faded by pending short orders.
A break below .6862 support is required for any further downside.
I hope this offers clarity on the directional bias of this pair.
Enjoy!
We have yet to see price break above this rounded resistance trend line marked on the chart, with price very much respecting it in our previous short-term technical outlook. The dip to the downside on Friday however was quickly bought up at the .68620 low and the engulfing candle on the daily signals a deeper pullback.
It will take a break above the rounded resistance trend line and above the first institutional resistance figure at .69260 to see a push higher into the major key institutional resistance at .6972.
Sellers will remain in control so long as price remains below the .6972 resistance figure and we can expect to see a sharp move into the figure to be quickly faded by pending short orders.
A break below .6862 support is required for any further downside.
I hope this offers clarity on the directional bias of this pair.
Enjoy!
