14:30 GMT - Profit-taking from 91.50 has reached congestion around 91.00, where oversold intraday studies are prompting short-term reactions.
Daily stochastics and the Tension Indicator continue to track lower, however, highlighting a deterioration in sentiment and scope for further slippage towards 90.50. Rising weekly charts should limit any immediate tests in fresh buying interest.
A close beneath here, however, would confirm a deeper correction of the Jan-Feb rally and open up 90.00.
Meanwhile, resistance remains at 91.50. A later close above here will turn sentiment outright Positive and extend gains towards the 91.98/00 area.
Daily stochastics and the Tension Indicator continue to track lower, however, highlighting a deterioration in sentiment and scope for further slippage towards 90.50. Rising weekly charts should limit any immediate tests in fresh buying interest.
A close beneath here, however, would confirm a deeper correction of the Jan-Feb rally and open up 90.00.
Meanwhile, resistance remains at 91.50. A later close above here will turn sentiment outright Positive and extend gains towards the 91.98/00 area.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
We are an award winning independent research firm, covering Macroeconomics, Policy and Financial Markets. Our Technical Analysis coverage spans 40 FX pairs across developed and emerging markets. Register for a free trial at continuumeconomics.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.