From a specialized point of view, bullish traders are probably going to hang tight for a supported quality over the 1.1280 conjunction area – including 100-day SMA and 38.2% Fibo. level of the 1.1412-1.1194 ongoing destruction, above which the pair appears to be good to go to outperform the 1.1300 round figure imprint test its next significant obstruction close to the 1.1325-30 region – matching with 61.8% Fibo. level. A finish purchasing will refute any close term bearish inclination and help the pair to point towards recovering the 1.1400 handle with some halfway opposition close to the 1.1380-85 region.

On the other side, the 23.6% Fibo. level – around the 1.1245 territory currently appears to have developed as a prompt help, which whenever broken may turn the pair powerless against quicken the slide further towards testing the 1.1200 round figure mark. Inability to protect the referenced handle, prompting a consequent slide underneath the 1.1175-70 region will show the resumption of the earlier bearish pattern and prepare for a resulting destruction towards the 1.1125 flat help on the way yearly lows – only in front of the 1.1100 handle.

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John Wat

About: John Wat

Forex analyst with 10 years experience in Forex market.Trading Expert ABC Breakouts, Trendlines breakouts, Supply & Demand, Customized Elliot Wave.