Yesterday trades were in narrow range between the bottom boarder of the bullish channel and the resistance level 1.3955 whereas, the pair formed a bottom and using the bottom boarder of the bullish channel and pushed upwards to re-test the resistance level 1.3955 forming a top around this level and used this top to decline again during the last intraday trades. The current trades are outside the range of the bullish channel; this means that, breaking the bottom boarder of the bullish channel will be confirmed after breaking the support level 1.3860 then the pair will continue declining targeting to reach the level 1.3660 which represents the target of breaking out this bullish channel and also represents 61.8% Fibonacci correction level for the uptrend (from 1.3428 to 1.4035). In order to reach this level the pair should break the support levels 1.3803 and 1.3731.
The stability of these expectations requires the stability of the resistance level 1.3955.
Res: 1.3947 1.3987 1.4033
Sup: 1.3861 1.3815 1.3775
As it was expected yesterday, indeed, the pair declined breaking the level 1.6200which represents 23.6% Fibonacci correction level for the last bullish wave for the medium-term, reaching the support level 1.6115 to test it which represents 38.2% Fibonacci correction level for the same mentioned bullish wave and still stable against the pair testing till now, expecting a little reflect upwards targeting to re-test the resistance level 1.6200 to continue declining downwards again. (Happened yesterday already)
So, it is not recommended to have any bearish positions until the pair break the support level 1.6115 then it will reach the support level 1.6045 which represents 50.0% Fibonacci correction level for the same mentioned wave.
The stability of these expectations requires the stability of the resistance level 1.6200.
Yesterday analysis remains
Res: 1.6249 1.6297 1.6353
Sup: 1.6145 1.6089 1.6041
The pair formed a top at the level 0.9368 which is the highest price for the pair in ten days; the pair registered this price after breaking the resistance level 0.9325 which represents the top boarder of the rectangle pattern. After the pair formed this top, the pair was pushed downside to decline searching about forming a bullish bottom; the pair formed a bottom at the good support level 0.9265 and used it to rise during the last intraday trades. Between rising and declining it is noticed that the pair is in a forming stage of a harmonic pattern AB=CD whereas, the level 0.9368 represents the B point, with breaking this point it is expected that, the pair will continue rise targeting to reach the level 0.9420 which represents the target of the rectangle pattern and at the same time represents the D point that completes the harmonic pattern and also represents 38.2% Fibonacci’s correction level for the downtrend (from 0.9774 to 0.9201).
The stability of these expectations requires the stability of the support level 0.9265.
Res: 0.9352 0.9410 0.9452
sup: 0.9252 0.9210 0.9152
After achieving the pair the previous mentioned target which was to reach the support level 0.9670, this was after breaking the lower border for the channel which were formed as a rectangle shape pattern.
Therefore from the expected for the intraday trades that the pair will take the bullish direction, the pair is facing now the resistance level 0.9706 which represents the previous mentioned lower border for the channel and the stability above this level, gives the pair the chance to reach the resistance level 0.9735 then to the level 0.9778.
This expectation depends on the stability of the pair above the resistance level 0.9706 which represents the lower border for the previous mentioned channel.
Res: 0.9708 0.9734 0.9755
Sup: 0.9661 0.9640 0.9614
As expected in yesterday report, the pair used the formed bottom at the support level 1.0055 to rise searching for the expected bearish top at the level 1.0134 which represents 61.8% Fibonacci retracement correction level for the bearish direction ( from 1.0183 to 1.0055 ) which was actually done by achieving the highest price for yesterday trades at 1.0130, this level coincided at it the price with the top border for the bearish channel to complete forming the top which forced the pair to decline again, whereas it's noticed during the last intraday trades breaking the support level 1.0055 and the pair is trying to break the lower border for the bearish channel to begin on forming a new bearish direction will be confirmed by breaking the support level 1.0020, if this breaking is confirmed, the pair will continue declining reaching the level 0.9965.
This expectation depends on the stability of the resistance level 1.0083.
Res: 1.0137 1.0169 1.0208
Sup: 1.0066 1.0027 0.9995