The pair continues to fluctuating around the pivotal support, which represents the neckline of the bearish technical structure at 105.00, while momentum indicators continue to be positive over daily basis, the thing that might support fluctuations to remain for a short period of time. In general, we expect an intraday downside movement today, noting that a clear breach of 105.00 and consolidation below it is necessary for our expectations to prevail.
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 chart and explanations above, our opinion is selling the pair with a breach of 105.00, targeting 103.25 and stop loss above 106.05 might be appropriate|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009