All our targets which we predicted in the previous analysis have been hit. The pair is expected to move further downward and continue its downside movement. The pair is holding on the downside and is trading below its declining 20-period and 50-period moving average, which play resistance roles and maintain the bearish bias. The relative strength index is bearish and calls for a further decline.
he U.S. dollar came under pressure as Yellen did not sound a hawkish tone on interest rates at the annual central banking conference in Jackson Hole, Wyoming. Meanwhile, the euro surged after European Central Bank President Mario Draghi showed a lack of concern about strength in the single currency while pointing out solid economic recovery in the eurozone.
Therefore, as long as 0.9595 holds on the upside, a new test to 0.9495 and even to 0.9455 seems more likely to occur.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position, and the price below the 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: 0.9595, Take Profit: 0.9495
Resistance levels: 0.9615, 0.9660, and 0.9700
Support levels: 0.9495, 0.9455, and 0.9415
The material has been provided by InstaForex Company - www.instaforex.com
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