Thu. Jul 18th, 2024
From the end of summer,


is seen drifting lower, while trading below a newly established downside resistance line drawn from the high of 21st of August. At the end of November, the pair once again fell below the 200-day EMA on our daily chart and continues to run below it. However, the rate is currently floating above the current lowest point of December, at 1.7463. If


falls and stays below that hurdle, this may open the door towards lower areas.

A drop below the previously mentioned 1.7463 hurdle would confirm a forthcoming lower low, potentially attracting more bears into the field. Such a move might send


to the 1.7395 obstacle, or to the 1.7275 zone, marked by the inside swing high of 23rd of May. If that zone is not able to withstand the pressure from the bears, this could lead to a test of the 1.7168 territory, marked near the lowest point of May of this year.

Alternatively, a push back above the 1.7740 area, marked near the current highest point of December, may also lift the rate above the 200-day EMA. That’s when


could go for a larger correction higher, possibly aiming for the 1.7885 obstacle, or to the 1.7955 zone, which is the inside swing low of 15th of November. Slightly above it runs the previously discussed downside line, which could provide some resistance.


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