pair gave back some earlier gains in today’s US session after US manufacturing data printed positive figures. The pair had inched towards 1.1051 levels in the earlier European session, however, the gains quickly faded after the US data release, indicating further bearish
pressure is on cards for this pair. On the technical side, the RSI
is mixed in the daily chart
, in the 4 hours chart 20 MA is slightly turning up, the 30 and 55 MA is pointing towards downwards. As long as the resistance level
at 1.1141 holds the trend for this pair remains bearish
Immediate resistance can be seen at 1.1069, a break above this level would take the pair towards next resistance level
at 1.1141 levels.
To the downside, strong support can be seen at 1.0943 levels, a break below this level will open the door towards next level at 1.1095.
Recommendation: Go short below 1.1135, targets 1.0000, 1.0940, SL 1.1200