1. The pair seems to be in a range bound condition as the pair has rebounded multiples times between the Major Support and Major Resistance.
2. The pair has challenge the Major Resistance multiple time but failed to break above. Subsequently, it printed a Shooting Star signalling a reversal which leads to an extended bearish run, indicating potentially fading momentum (without sustainable pullbacks).
3. The pair has found significant support at 1222 region as it was rejected and printed a Hammer candlestick.
4. The pair will likely bounce upwards to challenge the upside at 1260. A break above 1260 would confirm that the pair is still contained within the range. On the flipside, a rejection on 1260 would signify that the pair is merely in a correction and would likely to challenge the Major Support once more for a downside breakout.
Bias
Long-term: Neutral
Short-term: Bullish
2. The pair has challenge the Major Resistance multiple time but failed to break above. Subsequently, it printed a Shooting Star signalling a reversal which leads to an extended bearish run, indicating potentially fading momentum (without sustainable pullbacks).
3. The pair has found significant support at 1222 region as it was rejected and printed a Hammer candlestick.
4. The pair will likely bounce upwards to challenge the upside at 1260. A break above 1260 would confirm that the pair is still contained within the range. On the flipside, a rejection on 1260 would signify that the pair is merely in a correction and would likely to challenge the Major Support once more for a downside breakout.
Bias
Long-term: Neutral
Short-term: Bullish