For bulls who watch this market, it is clear that the pair just reached the lower band of ascending channel and the correction to the upside is possible. Technically speaking, the pair has been printing lower prices for almost a month and it should find some bids around the current level.
The current level (1.1110) is close to 50% Fib retracement from the 1.1620 top and the daily stochastic is forming a divergence. These conditions should further support the short term correction.
Bulls would have to wait for the price to form a bullish reversal before long positions might be entered.
See the price printing higher high on 30min charts (above 1.1250) and let is retrace back towards 1.1190 area. This would be a great place
For more details go to humbletraders.com/technical-analysis/
The current level (1.1110) is close to 50% Fib retracement from the 1.1620 top and the daily stochastic is forming a divergence. These conditions should further support the short term correction.
Bulls would have to wait for the price to form a bullish reversal before long positions might be entered.
See the price printing higher high on 30min charts (above 1.1250) and let is retrace back towards 1.1190 area. This would be a great place
For more details go to humbletraders.com/technical-analysis/
