Good evening traders. Yesterday's outlook suggested that we will remain bearish if we sustain below .728 and that selling upticks would be preferred. Without surprise the short-term intraday rally was quickly rejected around .726 and then price continued to the downside to break new lows. Price stalled out at around the .72 figure and found decent support after forming a double bottom.
We are now testing the backside of previous support at the previous swing low at .722 which may act as resistance. The bias on this pair is still to the downside so long as we remain below .728 so upticks and pullbacks will continue to be preferred selling opportunities until price manages to sustain above .728.
Next downside target is at key support at .7145.
I hope this gives some technical clarity to you traders. Enjoy!
This has been a great short. Hope it hits 0.715 soon.
UnknownUnicorn261897
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@JZX100, These short-term technical outlooks are not trade ideas they are simply to give directional bias and help traders come up with trading ideas in the favor of that direction. Since shorting was preferred on this pair I'm not surprised to be seeing continued downside. Thank you for your support though!