Technically the price has been moving in a sideways between 1795-1765 for two weeks. The daily bearish wave failed to breach the pivotal support level 1760 and the price closed above the moving average 100 on the 4-hour chart.
However, it succeeded in breaking the lower boundary of the descending price channel.
We also notice the formation of a head and shoulders reversal price pattern with the neckline at the support level 1760. Breaking this level and closing below it will open the way towards the price returning to 1720 levels.
Today, I do not expect major moves in the price to the downside. The price will continue to move sideways, perhaps with some tendency to rise with the decline in the risk appetite in the market.
However, it succeeded in breaking the lower boundary of the descending price channel.
We also notice the formation of a head and shoulders reversal price pattern with the neckline at the support level 1760. Breaking this level and closing below it will open the way towards the price returning to 1720 levels.
Today, I do not expect major moves in the price to the downside. The price will continue to move sideways, perhaps with some tendency to rise with the decline in the risk appetite in the market.