Bulls started to lose steam on approach to 1.1900 barrier as the uptrend from 1.1745 struggles at 1.1878 Fibo level (76.4% of 1.1919/1.1745) for the second day. Tuesday’s inverted hammer candle gives initial warning of stall, as candles of last two sessions both have long upper shadows and add to negative signals. Momentum on daily chart is peaking and stochastic cracking overbought zone’s boundary, with today’s repeated close below 1.1878 to increase risk of bull-trap formation and fresh weakness.
Rising 10DMA (1.1831) marks pivotal support, break of which would generate stronger negative signal.
Conversely, lift and close above 1.1878/1.1900 pivots would neutralize negative signals and open way for final attack at 1.1919 (Nov’s high).
Res: 1.1878; 1.1893; 1.1919; 1.1960
Sup: 1.1853; 1.1842; 1.1831; 1.1812
Written by Admin
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