Nov 08, 2022
VOT Research Desk
After rising 2.7% over the previous two days (Friday’s surge was the largest daily gain since June 2016), the bulls are now taking a break to consolidate.
The rise may continue after a strong positive signal was first formed on Friday’s closing above a dense daily cloud, which was strengthened by Monday’s upside extension and close above parity.
The action is supported by bullish daily studies, but overbought conditions might keep bulls on wait for consolidation as the action encountered resistance as it approached the sliding 100DMA (1.0041).
To maintain a bullish bias for a push through the 100DMA and an assault on the important near-term barrier at 1.0093 (the Oct. 26/27 double-top), dips need gain footing above the daily cloud top (0.9954, which has also broken the Fibo 61.8% of 1.0093/0.9730).
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Res: 1.0041; 1.0093; 1.0179; 1.0198. |
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Sup: 0.9987; 0.9954; 0.9930; 0.9911. |
