Following the much anticipated correction of the pair throughout last week as analyzed in my previous article, price is now back to a significant Daily support region of 1.13182 that has had a lot of buying sensitivity in the past. Judging from how price reacted to this level time and time again, i am expecting some sort of bullish pressure to come into the market this week. In order for this to materialize, price has to break 1)1.13568 and 2)1.13686 in order to gain enough momentum and hit bullish targets of 1.14446 and a further 1.15000. Price is currently in bearish territory and as long as 1.13686 level holds we could break the daily support and continue with the decline up to 1.12618
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Daily support broken. 1.12618 in sight
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1.12618 tapped and reacted to precisely.
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Bearish threshold, 1.13686 still holds. A breach of this level would open new levels for the pair to smash buy for now, we play by what price is telling us. And that is bears are still in control when the daily support was broken. This was solidified as a newly found resistance when price failed to sustain above it. Level of interest in the coming weeks is 1.13182
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but*