Yesterday's short-term technical outlook:
Good evening traders. Yesterday's outlook suggested that we will remain bearish if we sustain below .728 and that selling upticks would be preferred. Without surprise the short-term intraday rally was quickly rejected around .726 and then price continued to the downside to break new lows. Price stalled out at around the .72 figure and found decent support after forming a double bottom.
We are now testing the backside of previous support at the previous swing low at .722 which may act as resistance. The bias on this pair is still to the downside so long as we remain below .728 so upticks and pullbacks will continue to be preferred selling opportunities until price manages to sustain above .728.
Next downside target is at key support at .7145.
I hope this gives some technical clarity to you traders. Enjoy!
Good evening traders. Yesterday's outlook suggested that we will remain bearish if we sustain below .728 and that selling upticks would be preferred. Without surprise the short-term intraday rally was quickly rejected around .726 and then price continued to the downside to break new lows. Price stalled out at around the .72 figure and found decent support after forming a double bottom.
We are now testing the backside of previous support at the previous swing low at .722 which may act as resistance. The bias on this pair is still to the downside so long as we remain below .728 so upticks and pullbacks will continue to be preferred selling opportunities until price manages to sustain above .728.
Next downside target is at key support at .7145.
I hope this gives some technical clarity to you traders. Enjoy!
