The lower low and lower high pattern drag the pair to sub-112 levels. The price action lost both 14 and 20MAs, now 50MA in focus finds at 111.80. As of now this morning the price made a low at 111.95. We believe today’s pivotal is 111.80. Flipside resistance seems to be at 112.80, 113.20 and 113.50. Any shift in sentiment could change the short-term term to a minor rally to 112.80 and 113.20 levels.
While the daily RSI study has been propelling down and the oscillator is remaining bearish. Based on this, below 111.80 the current retracement extends further to 111.00/110.80 its 20MA (Weekly).
While the daily RSI study has been propelling down and the oscillator is remaining bearish. Based on this, below 111.80 the current retracement extends further to 111.00/110.80 its 20MA (Weekly).