Technical Reports

The pair hit support from 4 hour 55 EMA and recommenced. Upside is bounded under the short term top of 1.183. Trading is still neutral. Following pivot points include: (S1) 1.1727; (P) 1.1769 (R1) 1.1811.

Increase from 1.1509 might be progressing. It’s considered to be a correction. 1.1995 resistance should restrict upside and cause reversal. Breach of 1.1713 minor support will extend deeper drop from 1.2555 through 1.1509 to 50% retracement of 1.0339 to 1.2555 at 1.1447.

There has been a rejection from 38.2% retracement of 1.6039 to 1.0339 at 1.2516. A medium term top has been created at 1.2555. The fall is expected to extend for 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and lower. While 1.1995 resistance is present, the drop from 1.2555 will be considered to be progressing.