The pair is hovering within a narrow range below the main resistance area of the 50-days SMA and the previously breached ascending support of the possible bearish pattern. Thus, overall nothing has changed since yesterday, and we continue to expect further downside pressure over intraday basis.
The trading range for this day is expected among the key support at 0.9750 and resistance at 0.9975.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0070.
|Recommendation||Based on the charts and explanations above, we recommend selling the pair below 0.9910 targeting 0.9800 and 0.9750. Stop loss above 0.9980|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009