Past three-days trading range remains between 1.4735-1.4835. It has a parallel swing low mid-June and August 22nd, finds at 1.4725. The 50MA finds 1.4735 and 20WMA find at 1.4745. At higher time frames 200EMA(monthly) acting as a temporary support. The daily RSI sloping down and the Oscillator remain bearish. Fails to hold the swing support (below chart) focus shifts to its 200MA between 1.4685 and 1.4640.
Medium-term potential support finds at 1.4500-1.4440. Near-term bullish could expect if close a day above 1.4850.spotted with an inverse H&S pattern on the weekly chart. While 1.4440 intact we forecast a bullish bias. Before retrace to 1.4735 it has rejected at the neckline.
Medium-term potential support finds at 1.4500-1.4440. Near-term bullish could expect if close a day above 1.4850.spotted with an inverse H&S pattern on the weekly chart. While 1.4440 intact we forecast a bullish bias. Before retrace to 1.4735 it has rejected at the neckline.
Trade closed manually:
170 + pips on hand.