The pair started the session today biased to the upside, approaching SMA 50 this time, where the pair's movement is still limited between the pivotal levels that might identify the next move. The mentioned pivotal level represents the suggested neckline of the bearish technical pattern shown above at 105.00, while SMA 50 represents a critical resistance facing the upside move at 106.75. Therefore, we remain neutral now, observing the pair's behavior around the mentioned levels.
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