Price has come back to retest the resistance level that was
broken Jan 28 and we currently see a bounce off the Weekly
pivot point/Daily S1 confluence level at 1125.
Next resistance in the intra day pivot point
at 1185. Bulls would like to see a close above this
level for a start. But as long as price trades
above the trendline marked on the right chart
the pair is looking constructive. A close below
this trendline and chances are we will
see more losses. If price breach the Daily pivot
point, next up is the high at 1240 and above that
the 1275 S/R level.
broken Jan 28 and we currently see a bounce off the Weekly
pivot point/Daily S1 confluence level at 1125.
Next resistance in the intra day pivot point
at 1185. Bulls would like to see a close above this
level for a start. But as long as price trades
above the trendline marked on the right chart
the pair is looking constructive. A close below
this trendline and chances are we will
see more losses. If price breach the Daily pivot
point, next up is the high at 1240 and above that
the 1275 S/R level.
