Yesterday's short-term technical outlook:
With the 1.0424 support figure holding and the previous swing high being taken out we are expecting to see a swift push up into the 1.05 resistance area.
There is official institutional resistance at 1.0507 and 1.052 so we are anticipating pending short orders in that zone.
A swift push up into the resistance area could trigger such sell orders and a swift sell-off would not be a surprise.
As long as price remains below 1.052 this pair will see further downside.
I hope this offers some directional clarity on this pair!
Enjoy!
With the 1.0424 support figure holding and the previous swing high being taken out we are expecting to see a swift push up into the 1.05 resistance area.
There is official institutional resistance at 1.0507 and 1.052 so we are anticipating pending short orders in that zone.
A swift push up into the resistance area could trigger such sell orders and a swift sell-off would not be a surprise.
As long as price remains below 1.052 this pair will see further downside.
I hope this offers some directional clarity on this pair!
Enjoy!
