Yesterday's short-term technical outlook:
As mentioned yesterday, the 1.052 figure is the first major key institutional resistance to watch. It represents the "line in the sand" in that if price remains below it we should see up moves faded by institutional sellers.
Today's spike high at 1.04992 gave us a very good insight into what smart money is doing. It is now clear that there are willing sellers up in the price zone of 1.05-1.052.
While we are stuck in consolidation on this pair, it is still preferred to locate selling opportunities because long-term trend is still to the downside. Any up move into the previously mentioned zone will likely be faded.
Next downside support lies at the 1.04 figure.
I hope this gives you traders clarity on this pair. Enjoy!
As mentioned yesterday, the 1.052 figure is the first major key institutional resistance to watch. It represents the "line in the sand" in that if price remains below it we should see up moves faded by institutional sellers.
Today's spike high at 1.04992 gave us a very good insight into what smart money is doing. It is now clear that there are willing sellers up in the price zone of 1.05-1.052.
While we are stuck in consolidation on this pair, it is still preferred to locate selling opportunities because long-term trend is still to the downside. Any up move into the previously mentioned zone will likely be faded.
Next downside support lies at the 1.04 figure.
I hope this gives you traders clarity on this pair. Enjoy!
