1.1200 is the key level to watch for traders, with price action around it likely to provide better guidance than the barrage of conflicting macro takes doing the rounds right now. If the price remains below it, establish shorts with a stop above it for protection, and vice versa if the opposite occurs.
Even with Tuesday's snapback, the edge still leans slightly bearish after last week’s break of uptrend support. That move flagged rising downside risks, and little has changed since. RSI (14) and MACD both point to waning bullish momentum, remaining locked in downtrends that could produce firm bearish signals if they persist.
The 50-day moving average is an obvious hurdle for bears to overcome on the downside. If it were to be broken, it opens the door for a run towards support at 1.0900 and the 200-day moving average. If the price is able to push back above 1.1200 it would put resistance at 1.1276 and 1.1380 on the menu for longs.
With a quieter data calendar on Wednesday, let the price action guide you on how to best proceed.
Good luck!
DS
Even with Tuesday's snapback, the edge still leans slightly bearish after last week’s break of uptrend support. That move flagged rising downside risks, and little has changed since. RSI (14) and MACD both point to waning bullish momentum, remaining locked in downtrends that could produce firm bearish signals if they persist.
The 50-day moving average is an obvious hurdle for bears to overcome on the downside. If it were to be broken, it opens the door for a run towards support at 1.0900 and the 200-day moving average. If the price is able to push back above 1.1200 it would put resistance at 1.1276 and 1.1380 on the menu for longs.
With a quieter data calendar on Wednesday, let the price action guide you on how to best proceed.
Good luck!
DS
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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.
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.