The pair traded in a tight range to start the week, attempting to keep the short-term uptrend intact.
Technical outlook
- SMAs/structure: Price holds above the simple moving averages, reinforcing a constructive bias.
- Momentum: Intraday RSI shows positive divergence, hinting at building upside momentum.
Base case (bullish, confirmation needed)
- Above 1.1580 keeps the topside favored.
- A clear break/4H close over 1.1620 would likely refocus 1.1660 (key resistance).
Alternative / downside
- Failure to clear 1.1620 and a move back below 1.1580 would reintroduce pressure for a retest of 1.1550, then 1.1520.
Risk note
Headline risk is elevated. Use prudent sizing and firm stops; reassess quickly if these levels give way.
Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1580 | R1: 1.1620 |
| S2: 1.1550 | R2: 1.1665 |
| S3: 1.1520 | R3: 1.1705 |
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