SMA 100-blue- continued acting as a good floor for the pair as it prevented it from collapse yesterday. Stability remains below SMA 50 and below 38.2% Fibonacci retracement of the wave from 1.2625 to 1.3485 while Stochastic is moving lower. Hence, our bearish predictions remain intact over intraday basis. A break below 1.3100 will confirm and accelerate.
The trading range for today is among key support at 1.2975 and key resistance at 1.3320.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 1.3180 targeting 1.2975 and stop loss above 1.3320 might be appropriate.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009