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The technical outlook remained unchanged, and there was no significant change in the pair’s movements, maintaining the bearish trend for the second session in a row, stable below the psychological barrier of 1.3500.
From a technical analysis angle, we are leaning toward negativity, relying on the appearance of negative features on the Stochastic indicator, which began to gradually lose upward momentum on the 4-hour time frame, coinciding with the continued negative pressure coming from the simple moving averages.
Therefore, we maintain our negative expectations, targeting 1.3460, and breaking it increases and accelerates the strength of the downward trend, so that the way is directly open to visit 1.3430, and losses may extend later towards 1.3380.
The price consolidated again above 1.3510, and most importantly 1.3520, with the closing of at least an hour candle postponing downside opportunities, and we are witnessing an upward bias with the aim of retesting 1.3560 and 1.3610.
Warning: Today we are awaiting high-impact economic data issued by the American economy: core monthly producer prices, core annual producer prices without energy and food, producer prices and retail sales, and we may witness high fluctuation in prices.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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