Little change, whilst prices extend consolidation around 1.2150. The daily Tension Indicator continues to track higher, highlighting a break, but overbought daily stochastics and negative weekly charts are expected to limit any tests/break of 1.2200 in fresh selling interest. Meanwhile, support remains at 1.2100 and extends to the 1.2082 low of 12 February. A later close beneath here will add weight to sentiment and open up 1.2050. Any deeper reactions, however, should stabilise above 1.1975-1.2000.
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We are an award winning independent research firm, covering Macroeconomics, Policy and Financial Markets. Our Technical Analysis coverage spans 40 FX pairs across developed and emerging markets. Register for a free trial at continuumeconomics.com
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.