Technical Analysis and Outlook
The downtrend is in progress, as the currency has broken out of the tight trading zone and violating Mean Sup 1.1330 in the process. However, a significant resistance stands at Mean Res 1.1390. To the downside, we have newly created weak Mean Sup 1.1306 along with Mean Sup 1.1261 and Key Sup 1.1218. Other significant downside levels are flagged on the chart. (For more Market Commentary, please visit the TradingSig_dot_com).
The downtrend is in progress, as the currency has broken out of the tight trading zone and violating Mean Sup 1.1330 in the process. However, a significant resistance stands at Mean Res 1.1390. To the downside, we have newly created weak Mean Sup 1.1306 along with Mean Sup 1.1261 and Key Sup 1.1218. Other significant downside levels are flagged on the chart. (For more Market Commentary, please visit the TradingSig_dot_com).