Good evening traders.
With price remaining in consolidation below the trend's high printed at 124.1 for 6 consecutive trading days now we can expect to see continued consolidation or downside going into the holiday weekend.
There is a key institutional resistance level at the 123.35 figure where we can expect to see pending sellers awaiting a sharp up move, however the spike high today near 123.2 suggests pending sellers were already hit.
Further downside is to be expected, but with the overall trend still very much to the upside buying dips is still preferred.
The next key area of support is below at 121.68 and it is rather strong. A dip down into the latter figure could trigger pending longs.
I hope this gives you traders clarity on this pair.
Enjoy!
With price remaining in consolidation below the trend's high printed at 124.1 for 6 consecutive trading days now we can expect to see continued consolidation or downside going into the holiday weekend.
There is a key institutional resistance level at the 123.35 figure where we can expect to see pending sellers awaiting a sharp up move, however the spike high today near 123.2 suggests pending sellers were already hit.
Further downside is to be expected, but with the overall trend still very much to the upside buying dips is still preferred.
The next key area of support is below at 121.68 and it is rather strong. A dip down into the latter figure could trigger pending longs.
I hope this gives you traders clarity on this pair.
Enjoy!
