The bearishness stopped yesterday after reaching the pivotal support at 105.05, where the pair rebounds to the upside now in a retest of the previously breached minor support at 106.30, supported by the positivity of momentum indicators. The pair's movement is limited in areas between the pivotal areas mentioned above over intraday basis. Therefore, we remain neutral now, observing the pair's behavior in these areas, awaiting further confirmations.
The trading range for today is among the major support at 103.25 and the major resistance at 108.45.
The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.
|Recommendation||Based on the charts and explanations above we remain neutral, awaiting more confirmations|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009