As we expected the pair has declined from 114.50 and failed to exceed it,
The pair managed to penetrate the flag pattern up, we expect that price to continue rising targeting 112.56/85. Current support would be at 112.25/09.
The pair has failed to exceed a resistance level at 110.70, and prices is moving in a narrowing range between 110.30 and 110.70, exceeding any of these levels open the way to determining the direction of the pair.
The pair is approaching to a resistance level of 110.40, we expect that prices to pull back from that level to support level at 109.80/20. Resistance levels would be at 110.40/65/95.
After breaking an important support on daily chart at 108, staying below this level would send prices much lower to 104.50 then 102.
We expect further declining after the break of the bottom line of the descending triangle targeting 106.50. current resistance would be at 108.70. and we still keep our negative outlook as long the prices below that resistance.
The pair is facing a resistance at 109.59, if it succeeded to exceed this level we would see prices heading to 110.35/90, also we can notice a positive divergence on RSI on 4 hours chart.
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