Last high at 1.1600 confirmed significant resistance (red circle) that previously (since last year) acted as support (yellow circles). Last few months the pair seems to be within an upward channel and at the moment to be heading for the lower boundary of the channel.
MACD is displaying some bearish divergence and this might be confirming a move lower to around 1.1100 levels. At the moment the pair is being supported by the 50 EMA and a break here will open up a target for 1.1200 (100 & 200 EMA)
MACD is displaying some bearish divergence and this might be confirming a move lower to around 1.1100 levels. At the moment the pair is being supported by the 50 EMA and a break here will open up a target for 1.1200 (100 & 200 EMA)
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