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We committed to the intraday neutrality during the previous analysis, indicating that we are waiting for confirmation of the pair’s breach of the resistance level of 147.30, in order to open the way directly to target 148.00, to settle for recording the highest of 147.80.
On the technical side, the current movements are witnessing a bearish bias, as a result of stochastic entering the overbought phase, in addition to the intraday trading stability below 147.80.
There is a possibility of a bearish bias in the coming hours, targeting a re-test of 147.00 the first target and extending to 146.70.
The breach of 148.00 will immediately stop the expected bearish bias, and the pair will start to restore the bullish path, with initial targets starting at 148.50 and may extend to 149.00.
| S1: 146.70 | R1: 148.00 |
| S2: 146.00 | R2: 148.50 |
| S3: 145.50 | R3: 149.20 |
