TECHNICAL VIEW

  • The cross spotted with a triple bottom at 1.0370 and manages to hold the parallel support.
  • It has come out of the small trading range, which was an initial bullish setup.

  • As we forecast last week, “RSI bullish divergence” the cross climbs back above 20DMA today.
  • Resistance seems at 1.0460, 1.0500/1.0520 and 1.0550.
  • A weekly close above 1.0575 needed to aim for 1.0650 and 1.0680 levels.
  • The daily RSI and Oscillator remains bullish, 1.0500 and 1.0530 are the bullish destinations initially.
  • At higher time intervals, the price action remains in a symmetrical triangle.
  • In the near term, support finds at 1.0420 and 1.0370.
  • A retracement towards 1.04 is a buying opportunity again.

It is important to always keep in mind the risks involved in trading with leveraged instruments.

What is your Technical View?
Do you have a different idea? Please leave us a comment and get an answer from our professional analysts.