Yesterday's short-term technical outlook:
Yesterday's technical outlook suggested that we can expect to see further downside so long as we remain below the previous day's high at .6947. We did remain below that high and just about every up move was quickly checked and knocked back down, however we failed to break new lows.
Price has held above the strong support at .6883 for 3 consecutive days now. As you can see downside action is slowing down and we are clearly forming a strong bottom. Any upside momentum will easily break out of this consolidation and could see a sharp move to the upside. However, given the downside bias and strong resistance up ahead at .6972 it is preferred to sell up moves.
The .6972 figure will likely be attracting institutional sellers and a sharp move into the figure will likely be faded.
Any downside will see potential support at the key figure of .6883 and then below that .6834.
I hope this gives you traders some clarity on this pair. Enjoy!
Yesterday's technical outlook suggested that we can expect to see further downside so long as we remain below the previous day's high at .6947. We did remain below that high and just about every up move was quickly checked and knocked back down, however we failed to break new lows.
Price has held above the strong support at .6883 for 3 consecutive days now. As you can see downside action is slowing down and we are clearly forming a strong bottom. Any upside momentum will easily break out of this consolidation and could see a sharp move to the upside. However, given the downside bias and strong resistance up ahead at .6972 it is preferred to sell up moves.
The .6972 figure will likely be attracting institutional sellers and a sharp move into the figure will likely be faded.
Any downside will see potential support at the key figure of .6883 and then below that .6834.
I hope this gives you traders some clarity on this pair. Enjoy!
