Yesterday's short-term technical outlook:
Price did not make it up to the preferred shorting area as mentioned in our previous short-term technical outlook. Sellers came in quickly off the 1.048 resistance level.
With the downside pressure resuming we can expect to see sellers in control as long as price remains below the 1.048 figure. That being said, selling opportunities are preferred.
1.04325 marks the swing low of the up move prior to the down leg. This is a likely place to see pending shorts.
Continued downside will be checked at key support at 1.0352 which will need to be broken in order to expose any further downside on this pair.
I hope this offers some directional clarity on this pair.
Enjoy!
Price did not make it up to the preferred shorting area as mentioned in our previous short-term technical outlook. Sellers came in quickly off the 1.048 resistance level.
With the downside pressure resuming we can expect to see sellers in control as long as price remains below the 1.048 figure. That being said, selling opportunities are preferred.
1.04325 marks the swing low of the up move prior to the down leg. This is a likely place to see pending shorts.
Continued downside will be checked at key support at 1.0352 which will need to be broken in order to expose any further downside on this pair.
I hope this offers some directional clarity on this pair.
Enjoy!
