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A sustained strength above a three-day-old descending trend-line resistance, around the 0.6405-10 region, was seen as a key trigger for bullish traders and behind the latest leg of an upsurge witnessed since the mid-European session amid improving risk sentiment. Meanwhile, technical indicators on 4-hourly/daily charts have been gaining some bullish traction and support prospects for an extension of the ongoing positive momentum. However, slightly overbought conditions on the 1-hourly chart warrant some caution. Hence, any subsequent move up seems more likely to confront a stiff resistance near the 0.6445-50 heavy supply zone, which if cleared decisively might negate any near-term bearish bias and set the stage for a further near-term appreciating move for the pair.

Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.

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