Yesterday's short-term technical outlook:
Failure to sustain above the 117.63 resistance figure saw long due selling on this pair. Exhaustion puts downside targets at the 116.55 strong institutional support figure, however price must sustain below 117 psychological level in order to open up to the downside.
Now see short-term intraday resistance at 117.37 to keep downside in check and sellers in control. Only a break above will expose any continued upside.
116.55 will likely put up a fight so any downside will likely be short-lived. It is unlikely that the support figure will be broken before the new year.
I hope this offers some directional clarity on this pair.
Enjoy!
Failure to sustain above the 117.63 resistance figure saw long due selling on this pair. Exhaustion puts downside targets at the 116.55 strong institutional support figure, however price must sustain below 117 psychological level in order to open up to the downside.
Now see short-term intraday resistance at 117.37 to keep downside in check and sellers in control. Only a break above will expose any continued upside.
116.55 will likely put up a fight so any downside will likely be short-lived. It is unlikely that the support figure will be broken before the new year.
I hope this offers some directional clarity on this pair.
Enjoy!
