Price Action Context
Short-term, the pair is closing in on a key resistance that has held since the 22nd of June and produced multiple strong bearish rejections. The static key resistance lines up nicely with the daily dynamic resistance (20 EMA) which is closing in on price as well.
Trending Analysis
The pair has been in a strong bear trend since early April with price not being able to close above the daily 20 EMA a single time since the trend started, indicating that the order flow is heavily imbalanced towards the sell side. The current pullback into the short-term resistance and the daily dynamic resistance (EMA) can present potential shorting opportunities to those looking to short the pair.
Closest Support & Resistance Zones
Resistance: 1.8065 – 1.8130
Support: 1.7870 – 1.7900
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