• Drops back to challenge an ascending trend-line support, a part of a symmetrical triangular formation on short-term charts.
• A convincing break below the contracting wedge support would open the room for further depreciating move towards a medium-term ascending trend-line support, extending from January 2017 through lows touched in June/December 2017.
• Descending trend-line resistance, also a part of the triangular formation should continue to keep a lid on any meaningful recovery attempt.
Current Price: $1,294.15
Daily high: $1,296.11
Trend: Bearish below triangle support
R1: $1298 (horizontal zone)
R2: $1,302 (descending trend-line hurdle)
R3: $1,307 (200-day SMA)
S1: $1,289 (June 1 low)
S2: $1,282 (May 21 low)
S3: $1,273 (medium-term ascending trend-line)
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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.