Our downside target at 0.9510 which we predicted in the previous analysis has been hit. The pair is under pressure below the key resistance at 0.9565. Both declining 20-period and 50-period moving averages play resistance roles. The relative strength index is capped by a bearish trend line.
To sum up, below 0.9565, look for a further drop to 0.9480 and even to 0.9445 in extension.
Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 0.9565, Take Profit: 0.9480
Resistance levels: 0.9610, 0.9660, and 0.9695
Support levels: 0.9480, 0.9445, and 0.9400
The material has been provided by InstaForex Company - www.instaforex.com
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