These technical outlooks are NOT trade ideas, they are simply technical analysis to give traders a DIRECTIONAL BIAS on the day.
Good evening traders!
With the corrective bounce toward the latter days of the 2016 year being quickly met with selling off the 1.2388 high the pressure is put back on the downside.
The 1.2388 resistance figure will act as the "line in the sand" for now, if price remains below it we should see sellers remain in control and as such shorting opportunities will be preferred.
However a break below the 1.22 support figure is needed to open up any further downside.
I hope this offers traders some directional clarity on this pair.
Enjoy!
Good evening traders!
With the corrective bounce toward the latter days of the 2016 year being quickly met with selling off the 1.2388 high the pressure is put back on the downside.
The 1.2388 resistance figure will act as the "line in the sand" for now, if price remains below it we should see sellers remain in control and as such shorting opportunities will be preferred.
However a break below the 1.22 support figure is needed to open up any further downside.
I hope this offers traders some directional clarity on this pair.
Enjoy!
