Stop loss 195.30 Entry level 193.03 First Target at 191.17 Next targets to test at 190.00, 189.46 Technical Analysis A deeper decline is expected as long
A deeper decline is expected as long as 195.00 resistances holds firm. At this point, such decline is viewed as a correction. Thus, we’d expect strong resistance around long term at 195.00 to contain downside. Meanwhile above 195.30 will turn bias back to the upside.
In the bigger picture, current development suggests that a medium term downside is already taken place and deeper correction could be seen possibly at 190.00. There is clear indication of trend reversal with two bar rejection which closed below the resistance and the price closed below the break of trend line suggesting a shift in momentum.
Focus will be on the structure on the current fall from current levels. At this point, we’d expect some upward movement. Finding a strong resistance break at 193.03 should confirm a bearish move on the pair. The fall from these levels should test 191.17 and would extend at 190 and later at 189.46 support areas. Meanwhile, above 195.30 should extend the upward bias which shall dampen our short term view. Outlook remains bearish for the weekly bias.
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