Hello everyone,
As seen on this chart, the pair is still stuck in a bearish direction while below the descending trend-line. It tried breaking up beyond the resistance line but failed to do, especially after the FOMC meeting which disappointed bulls by delivering a less dovish message and giving no hints for further rate cuts. The bearish view stays unchanged unless the pair is able to recover above 1.11 on a daily basis.
However, we may note that sellers aren't much committed since they weren't able to break the 1.0985 support on a daily basis.
A double bottom formation is also providing a strong support around 1.0925.
Resistance levels : 1.107-1.11
Support levels: 1.0985-1.0925
Both bulls and bears are waiting for catalysts; starting by Monday the manufacturing and services PMIs, followed by the US GDP on Thursday and PCE on Friday.
Good luck
As seen on this chart, the pair is still stuck in a bearish direction while below the descending trend-line. It tried breaking up beyond the resistance line but failed to do, especially after the FOMC meeting which disappointed bulls by delivering a less dovish message and giving no hints for further rate cuts. The bearish view stays unchanged unless the pair is able to recover above 1.11 on a daily basis.
However, we may note that sellers aren't much committed since they weren't able to break the 1.0985 support on a daily basis.
A double bottom formation is also providing a strong support around 1.0925.
Resistance levels : 1.107-1.11
Support levels: 1.0985-1.0925
Both bulls and bears are waiting for catalysts; starting by Monday the manufacturing and services PMIs, followed by the US GDP on Thursday and PCE on Friday.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
♦️ Subscribe to my telegram channel for daily signals for free, link below:
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♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading