Market Analytics and Technical Considerations
Key Points
The bulls are unable to gather enough strength to firmly break through the resistance at 1.2145, thus the pair is lingering just below this level. Today’s trading activity is anticipated to see a price decline and a challenge of the 1.2026 support level. Additionally, the pair can stay stuck in the range 1.2026-1.2145 because an uptrend resume can only be indicated by a proven breach of the top portion. However, if the price drop intensifies and the support level at 1.2026 is successfully breached, the area around 1.1955 would serve as the next support level for the bears.
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