Price Action Context

Following a strong bullish impulsive move mid-July, the pair formed a ~130 pip wide corrective structure in which it still is trading with multiple touches and rejections on both sides. Price is now trading back into the mid-term key support which has been successfully defended by bulls since the 17th of July.

Trending Analysis

Short term bias is bullish and the current pullback into the key support zone can present potential trading opportunities to bulls looking to go long the pair. A strong break and close below this key support would change our short-term bias to bearish with the next area of support coming in at around 1.0625.

Closest Support & Resistance Zones

Resistance: 1.0820 – 1.0850
Support: 1.0710 – 1.0745

 


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