• The pair stalled its recent positive momentum to two-week tops and started correcting from a resistance marked by a descending trend-line, extending from 10-month tops set in Feb.
• The mentioned resistance coincides with 23.6% Fibonacci retracement level of the Nov. 2018/Feb. 2019 upswing and should now act as a key trigger for short-term bullish traders.
• Meanwhile, oscillators on 4-hourly/daily charts maintained their bullish bias but have been gaining negative momentum on the 1-hourly chart, suggesting additional downfall.
• However, it would be prudent to wait for a sustained break below the key $1300 psychological mark before traders start positioning for any further intraday depreciating move.
• Any meaningful slide might continue to find decent support near 100-day SMA, around the 1285 region and is closely followed by the $1282-80 strong horizontal support.
• The later, along with the mentioned trend-line, constitutes towards the formation of a descending triangle on the daily chart, which if broken would mark a near-term bearish breakdown.
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