All our targets which we predicted in yesterday’s analysis have been hit. The pair is heading downward now, and is expected to test its next support at 0.9770. The risk of a slide below this threshold remains high, as both the 20-period and 50-period moving averages are heading downward, and call for further decline. The relative strength index is below its neutrality area at 50. In these perspectives, as long as 0.9810 is not surpassed, likely decline to 0.9730 and 0.9750 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 0.9810, Take Profit: 0.9730
Resistance levels: 0.9840, 0.9860, and 0.9900
Support levels: 0.9730, 0.9700, and 0.9650
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Ahsan Aslam,
InstaForex Group © 2007-2017
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