Yesterday, the pair has rejected the stiff resistance at 0.9786, break-out above would have dragged little upside potential upto 0.9823.
But failure swings have now facing southward targets upto 0.9713 for the day which is a next strong support at 7DMA.
Stochastic is boiling up with bearish momentum as %D crossover above 80’s signifies overbought pressures.
We could foresee speculative range between 0.9832 and 0.9744 levels.
On daily charts, one can see prices can go either way upon make or break of 0.9776 on a closing basis.
On long term perspectives, the pair could not hold onto major resistances at 1.0093 and 1.0032 levels.
Trend sliding in sloping channel with mildly bearish momentum, prices rejected stiff resistance at 21EMA on weekly plotting.
One can initiate shorts in futures near month contracts as we reckon the downtrend to prevail further as the current weekly price is attempting to head towards minor supports at 0.9717 levels (targets) with a strict stop loss at 0.9789.
The material has been provided by InstaForex Company – www.instaforex.com