In my previous analysis I examined the weekly chart to analyze the overall technical positioning for the pair, see link below. By looking at the daily chart, the price has bounced higher approaching the 50-days SMA and the resistance of the short term descending channel, where price might complete a bearish shooting star candle today if it closes near the current levels. Therefore, i maintain my bearish bias, and look to short the pair below 1.1100 targeting the latest swing low at 0.9938, with a second aggressive target at 0.9825 major support area. A break back above the channel resistance would negate this bearish setup, and will probably signal the resumption of the medium term bullish trend.
See related link below for the weekly analysis. Best of luck, join me at twitter.com/thefxchannel
See related link below for the weekly analysis. Best of luck, join me at twitter.com/thefxchannel
