Yesterday's short-term technical outlook:
Price was unable to break below the 1.223 institutional support figure and as a result we saw a double bottom turn into further upside. In addition the resistance trend line was broken and the backside held as support.
The 1.2313 figure is decent resistance that we are expecting to keep the upside in check. A swift push into the figure may be met by pending short orders knocking price down. Below the figure will likely see further downside.
Only a break above the 1.2313 figure will signal a deeper pullback in this downtrend.
I hope this gives a directional bias on this pair!
Enjoy!
Price was unable to break below the 1.223 institutional support figure and as a result we saw a double bottom turn into further upside. In addition the resistance trend line was broken and the backside held as support.
The 1.2313 figure is decent resistance that we are expecting to keep the upside in check. A swift push into the figure may be met by pending short orders knocking price down. Below the figure will likely see further downside.
Only a break above the 1.2313 figure will signal a deeper pullback in this downtrend.
I hope this gives a directional bias on this pair!
Enjoy!
