Overview
The EUR/JPY pair provided negative trading below the support at 119.60, to achieve some losses by reaching 119.00 and returns to test the broken support as appears in the above image. Therefore, today we expect renewing the decline to target 38.2% Fibonacci correction level at 118.55 and surpassing it might extend the losses to the main bullish channel's support at 116.80. The moving average 55 forms strong barrier at 120.20 that reinforces the dominant negativity in the upcoming trading. It is observed that stochastic is forming a new bearish wave which provides extra negative momentum that reinforces the negative correctional domination in the near and medium term. The expected trading range for today is between 120.20 and 118.55.
The material has been provided by InstaForex Company - www.instaforex.com
No comments:
Post a Comment