The pair has advanced during the last couple of days but still failed to
close above the 11800 level, which is the upper band of its narrow
range (red lines). The turn was visible on the hourly chart with price
moving higher on bearish divergence
along the trendline that finally broke and price came back down to
the intraday support at 11300. The new Weekly pivot point is at 11200
and should attract price from here. If price finds support the in a solid
way, chances are it will take us higher. Weekly S1 aligns with Cloud
resistance level at 12475. A bullish MACD cross should add some fuel
but still there is not much conviction in the the upward moves, so we
might see more sideways action going forward. Bulls would like to
see a close above the Weekly R1 or at least the 11800 level. A close
Daily below the Weekly pp at 11200 will expose the S1 at 10400 close to the
low from Jan 26.
close above the 11800 level, which is the upper band of its narrow
range (red lines). The turn was visible on the hourly chart with price
moving higher on bearish divergence
along the trendline that finally broke and price came back down to
the intraday support at 11300. The new Weekly pivot point is at 11200
and should attract price from here. If price finds support the in a solid
way, chances are it will take us higher. Weekly S1 aligns with Cloud
resistance level at 12475. A bullish MACD cross should add some fuel
but still there is not much conviction in the the upward moves, so we
might see more sideways action going forward. Bulls would like to
see a close above the Weekly R1 or at least the 11800 level. A close
Daily below the Weekly pp at 11200 will expose the S1 at 10400 close to the
low from Jan 26.
