These technical outlooks are NOT trade ideas, they are simply technical analysis to give traders a DIRECTIONAL BIAS on the day.
Good evening traders!
Spike through the 118.24 resistance figure mentioned in yesterday's was quickly met with selling just a few pips ahead of the 118.66 strong resistance figure.
Short-term support at 117.2 keeps buyers in control for now, however a break below will send prices toward the lower boundaries of the trading range.
A sustained break above spike high and 118.66 is required to expose an extension.
I hope this offers some directional clarity on this pair.