Pricing has fallen out of the rising channel, under the 200 SMA and now broken through the first support level.
With a retest currently playing out, there could be a flip from support to resistance and push price south.
US FOMC meeting is on Wednesday, so this could dictate the direction of this pair. With a hold or cut, there could be a sell-off on the USD. Alternatively, if they surprise with a hike, the USD strength will kick off again.
One to watch..
With a retest currently playing out, there could be a flip from support to resistance and push price south.
US FOMC meeting is on Wednesday, so this could dictate the direction of this pair. With a hold or cut, there could be a sell-off on the USD. Alternatively, if they surprise with a hike, the USD strength will kick off again.
One to watch..
Trade active
Support level flipped to resistance, and price is heading south. Next major level at support 2 Note
Coming into the 2nd support level Note
RSI is now oversold, so with price around support as well, there might be a bounce incoming.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.