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The pair kept its positive momentum, grinding higher to test 1.4030 resistance.
Technical outlook
- Structure: A break above the descending trendline is intact.
- SMAs: Simple moving averages have rotated beneath price, providing support.
- RSI: Easing from overbought without breaking down—consistent with scope for further upside.
Base case (bullish while above 1.3980)
- Holding 1.3980 keeps the bullish bias intact.
- A decisive break/4H close above 1.4040 would likely extend gains toward 1.4090.
Alternative / downside
- A 4H close back below 1.3980 would dent momentum and tilt for a retest of 1.3950 before buyers attempt to reassert control.
Risk note
Volatility remains elevated amid trade and geopolitical tensions. Use prudent position sizing and hard stops; reassess quickly if key levels give way.
Trading in CFDs involves risks, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.
| S1: 1.3980 | R1: 1.4040 |
| S2: 1.3950 | R2: 1.4090 |
| S3: 1.3910 | R3: 1.4120 |
