Price broke higher and probed above 1.14 late yesterday
but with bearish divergence on H4 timeframe. This warned
of a retracement coming and today we see it play out.
Currently the pair is trading below daily S1 which is a sign
that this may continue lower. First support is on intraday
is at 1.07 and below that the Cloud around S3 at 1.03.
On daily timeframe the important support is at 0.97, were
also the Kijun line comes in. Bulls do not want to see a close
below the Kijun Sen on daily tf (white eq. line) that could
cause a deeper drop and taking out of the 0.9 low from Feb 11.
but with bearish divergence on H4 timeframe. This warned
of a retracement coming and today we see it play out.
Currently the pair is trading below daily S1 which is a sign
that this may continue lower. First support is on intraday
is at 1.07 and below that the Cloud around S3 at 1.03.
On daily timeframe the important support is at 0.97, were
also the Kijun line comes in. Bulls do not want to see a close
below the Kijun Sen on daily tf (white eq. line) that could
cause a deeper drop and taking out of the 0.9 low from Feb 11.
