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We committed to the intraday neutrality during the previous analysis due to the conflicting technical signals, indicating that the activation of long positions requires confirmation of the breach of 1.1885, in order to enhance the chances of a rally to visit 1.1920, for the pair to succeed in reaching its highest level at 1.1935.
Technically speaking, today, and with a closer look at the chart, we find the pair’s current trading is stable above 1.1885, a 61.80% correction, as we find the RSI indicator beginning to provide positive signals on short time frames.
Therefore, a bullish bias may be likely today, targeting 1.1950, and then 1.1975 50.0% retracement, a next official station.
From below, the return of trading to stability below 1.1880 will stop the bullish scenario and put the price under negative pressure again, targeting 1.1840 / 1.1820 initially.
| S1: 1.1880 | R1: 1.1950 |
| S2: 1.1840 | R2: 1.1980 |
| S3: 1.1775 | R3: 1.2020 |
