The pair is in near-term corrective reversal, after yesterday’s rally extended today to 1.3485, where gains were capped for now. Structure on hourly chart has weakened, as the price lost its bullish momentum, with break below overnight’s low at 1.3326, seeing risk of deeper correction towards strong support zone at 1.3300/1.3280 zone, also 20 day EMA on 4H chart, where the studies are holding positive tone and see scope for further extension higher and possible test of key barrier at 1.3485.
Res: 1.3384, 1.3388, 1.3400, 1.3421
Sup: 1.3318, 1.3300, 1.3290, 1.3280
Strong near-term uptrend off yesterday’s higher low at 1.5800, briefly broke above key short-term barrier at 1.5991 today, reaching fresh high at 1.5997, ahead of pullback. The dip was short-lived and found footstep near daily low at 1.5941, with fresh push higher under way. Hourly studies are regaining momentum, with clearance of 1.6000 barrier required to resume short-term upleg from 1.5600 and expose 1.6090/1.6100 zone next. Only loss of strong support at 1.5900 zone would weaken the structure.
Res: 1.5997, 1.6000, 1.6050, 1.6090
Sup: 1.5942, 1.5922, 1.5908, 1.5890
Hourly structure turns positive, as the near-term price action breaks above strong barrier and past two-days range ceiling at 83.00. This may signal an end of corrective phase, with regain of Fibonacci level at 83.30 and 83.50, required to confirm positive near-term structure and re-focus 84.00 zone. Recent range floor at 82.60, now offers strong support.
Res: 83.22, 83.50, 83.74, 84.00
Sup: 83.00, 82.59, 82.29, 81.95
Near-term price action moves sideways and within narrow range, off today’s fresh low at 0.9015, as initial resistance at 0.9070 stays intact for now. Near-term studies remain negative, with downside favored. Loss of 0.9015/00 support to open way for test of key short-term level at 0.8930, 24/29 Feb double-bottom. Only firm break above 0.9100 handle to ease bear-pressure.
Res: 0.9065, 0.9070, 0.9075, 0.9100
Sup: 0.9015, 0.9000, 0.8950, 0.8930