- Spot has quickly left behind the key support at 1.1500 the figure today, accelerating the decline and testing fresh 2018 lows in the 1.1430 region.
- The persistent leg lower has now prompted investors to shift their focus to the area of 1.1310, where sits June’s 2017 low.
- Looking at the broader picture in the daily chart, the pair has resumed the downside following April-May drop, seconded by a brief consolidation (June-July) and then breaking below the pennant figure (continuation pattern).
- On the upside, occasional bullish attempts should meet interim hurdle at the 10-day SMA at 1.1597, while the area of recent tops above 1.1600 the figure appears as a more significant resistance. This area is also reinforced by the 21-day SMA (1.1640) and the bottom of the pennant pattern (resistance line now).
- Furthermore, the offered stance should remain unchanged as long as the 1.1745/50 band caps.
Daily high: 1.1537
Daily low: 1.1432
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.