No significant change, whilst mixed daily readings keep price action cautious.
Intraday price action is leaning lower, but critical support at 1.2059/65 should continue to underpin any immediate downside tests. The broader weekly chart, however, continues to deteriorate, suggesting the current consolidation phase is likely to give way to renewed losses.
A later close below 1.2059/65 will confirm continuation of January losses and open up the 1.1975 retracement.
Meanwhile, resistance remains at 1.2150.
A close above here, if seen, would prompt fresh consolidation below 1.2200. An unexpected break above here is needed to turn sentiment Positive and open up the 1.2235 Fibonacci retracement.
Intraday price action is leaning lower, but critical support at 1.2059/65 should continue to underpin any immediate downside tests. The broader weekly chart, however, continues to deteriorate, suggesting the current consolidation phase is likely to give way to renewed losses.
A later close below 1.2059/65 will confirm continuation of January losses and open up the 1.1975 retracement.
Meanwhile, resistance remains at 1.2150.
A close above here, if seen, would prompt fresh consolidation below 1.2200. An unexpected break above here is needed to turn sentiment Positive and open up the 1.2235 Fibonacci retracement.
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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.
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.