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The technical outlook remains unchanged on the pair’s movements, to maintain the bullish path as we expected during the last trading sessions last week, shy of the first target 138.45, posting high at 138.31.
Technically, the current moves are witnessing an intraday stability above the breached resistance level of 137.60, and we see the stochastic continues to provide signals that increase the possibility of continuing to the bullish side. The bullish bias is likely today, provided that the breach of the resistance level at 138.50 is confirmed, and this is a catalyst that enhances the chances of an upside towards 138.80, and then 139.40.
The return of trading to stability again below 137.60 negates the suggested bullish scenario and puts the price under negative pressure, its initial target of retesting 137.20.
| S1: 137.60 | R1: 138.50 |
| S2: 137.10 | R2: 138.90 |
| S3: 136.65 | R3: 139.40 |
