From a technical perspective, nothing appears to have changed much for the pair with the exception of that the 1.1220-25 area currently appears to have developed as a prompt solid obstruction, likewise nearing a momentary dropping pattern line. A persuading break through the referenced obstacle, the pair is probably going to point towards recovering the 1.1300 round figure mark before in the end shooting to test the top end of a four-month-old diving pattern channel obstruction, right now close to the 1.1335-40 area.

On the other side, the 1.1165-60 region may keep on securing the quick drawback, which whenever broken may turn the pair helpless against quicken the slide further towards testing the 1.1100 imprint in transit the pattern channel support close to the 1.1080 area. A finish shortcoming would check a new close term bearish breakdown and open the space for further close term deteriorating move, towards testing sub-1.1000 dimension.

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.