Prices approaching an important resistance at 134/134.40, and if it succeeded to exceed this area
The pair is facing a strong resistance at 132.90: 133.10, if it succeeded to exceed this area we expect prices to continue rising till 133.50: 134.30. in the opposite scenario, failing of exceeding current resistance would send the pair to 131.85.
The pair is moving inside an ascending channel near to the upper line at levels of 134-134.30, we expect that this level will stop prices to continue rising and would pull it back to level of 133.20 and with breaking this level down we would see prices heading to 132 then 131.50.
The pair is moving inside a descending channel, current resistance would be at 130.40 at the upper line of the channel and the support would be at 129.40. we expect that prices to decline targeting to support we have mentioned then bouncing higher to levels of 130.
Currently prices trading near to the neckline of head & shoulders pattern that we have mentioned yesterday at 128, breaking his level would pave the way to reach the target of pattern at 125.80 then 124.70. overcoming the level of 130.35 stop the bearish scenario.
A head and shoulders pattern is forming and would be confirmed with breaking the neck line at 128, we expect that prices to target 125.80 then 124.70. the pattern would be failed with exceeding the resistance level at 130.35.
We can notice a negative divergence on RSI, and currently is trading near to support level at 128.40, closing below this level would send prices further down to levels of 125.80. current resistance would be at 129.50.
The pair has fallen to test the upper line of the broken triangle at 130.60, we expect prices to bounce higher to reach the target of the triangle at 132.40. breaking the level of 130.30 would change the positive outlook to negative.
Prices managed to penetrate the upper line of the ascending triangle, so we expect further rising targeting 132.50. current support would be at 130.60.
The pair failed to penetrate the upper line of the rising triangle, we expect if prices managed to exceed this level, it would be targeting 132.40. current support would be at 129.80.
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