110.30, however, is a strong support for the USD on the D1 time frame and the pair has been testing it for three days now without being able to break out below it. I doubt there will be a breakout until the end of the trading week today. I do expect, however, that next week those attempts will continue and in case there is a breakout and the price remains below 110.20 there could be another drop to 109.90 -109.80.
The alternative scenario is in case the pair fails to break out below the support – it could renew its upward movement and test the resistance at the trend line of the channel (marked in red).
Interesting levels to be watchful of, thanks for the info.
ReplyDeleteTaking note on these levels.
ReplyDeleteI agree with your analysis.
ReplyDeleteGood point, I agree with the analysis.
ReplyDeleteHelpful info!
ReplyDeleteThe pair is ranging.
ReplyDeleteGood insight.
ReplyDelete