A couple of technical factors grabs our attention:
• The weekly pivotal finds at 10.35 its 100MA and 20MA (weekly)
• Coincides with the earlier breakout level (May 2018)
• The five-month ascending trendline remains valid
• Whereas, the daily and weekly studies remaining bearish
• The cross lost the both 20 and 50MA.
Three-day focus: Technical rebound in a bearish trend
Since the H4 oscillator has picked up and as the daily study RSI has been turned bullish, rallies are anticipated towards 10.47 and 10.52 initially, ahead of the resistance 10.57. This view will strengthen only if the price breaks above 10.43.
Intraday: As long as 10.30 is support look for 10.4280. An alternative scenario, if price breakdown below 10.30, could retrace further to 10.23 and 10.20 its 200MA.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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