Previous short-term technical outlook:
Since the previous short-term technical outlook there was a choppy move lower that bottomed out around the 122.2 figure. We are now seeing a rather sharp push to the upside right out of the open.
The bias on this pair is neutral for the time being. There is decent resistance at the 123.2 figure where we can expect to see pending short orders that will fade any sharp move into the figure. It would take a significant amount of buying pressure to push price over the latter figure and ahead there is plenty of resistance to keep buyers in check.
A break below the 122.2 figure is required to see the pullback on this uptrend continue with next institutional support down at 121.68. The support at the latter figure is quite strong and we can expect to see some institutional buyers step in.
I hope this gives some clarity on the directional bias of this pair.
Enjoy!
Since the previous short-term technical outlook there was a choppy move lower that bottomed out around the 122.2 figure. We are now seeing a rather sharp push to the upside right out of the open.
The bias on this pair is neutral for the time being. There is decent resistance at the 123.2 figure where we can expect to see pending short orders that will fade any sharp move into the figure. It would take a significant amount of buying pressure to push price over the latter figure and ahead there is plenty of resistance to keep buyers in check.
A break below the 122.2 figure is required to see the pullback on this uptrend continue with next institutional support down at 121.68. The support at the latter figure is quite strong and we can expect to see some institutional buyers step in.
I hope this gives some clarity on the directional bias of this pair.
Enjoy!
