All our targets which we predicted in Yesterday’s analysis has been hit. The pair is capped by a bearish trend line, which confirms a bearish outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index lacks upward momentum.
Therefore, as long as 0.9975 is not surpassed, a further downside to 0.9870 and even to 0.9830 seems more likely to occur.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 0.9870, Take Profit: 0.9830
Resistance levels: 1.0000, 1.0020, and 1.0045
Support levels: 0.9870, 0.9830, and 0.9800
The material has been provided by InstaForex Company – www.instaforex.com