Daily Technical Report: October 22, 2014
ICN.com | Oct 22, 2014 04:59AM ET
The pair dropped yesterday after failing to breach 23.6% correction at 1.2855 levels. Meanwhile, the downside move is still limited above 1.2690 and 1.2700 accompanied by the continuous positivity on Linear Regression Indicators.
RSI and MACD are showing weakness in the upside move which contradicts with the positivity of Linear Regression Indicators and breaching the minor descending channel. Therefore, we prefer to remain neutral now and will be updating this report if any confirmations signal came up. Trading again above 1.2780 forces us to suggest an upside move, while breaking 1.2690 and stabilizing below it forces us to favor extending bearishness intraday.
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The pair stabilized above the previously breached Falling Wedge resistance that turned to support at 1.6035, and the pair shoould stabilize above the referred to level and 1.6000 to extend the upside move on the short term, with the first target at 1.6285. Linear Regression Indicators are almost providing positive signals that support the expected bullishness.
The pair moved to the upside supported by 106.65, as stability above it is significant to confirm the upside move targeting 107.20. Breaching 107.20 strengthens the possibility of extending the upside move and triggers a new bullish wave targeting 108.00 and 108.50, while a break below 106.00 threatens to fail the suggested expectations.
The pair moved to the upside to trade around 0.9480, but we will keep our negative expectations as the pair is still trading below 0.9520. Stability below the referred to level is significant to confirm the bearish expectations targeting 0.9400 and 0.9370, while a break above 0.9520 threatens to fail the suggested expectations.
The pair dropped yesterday touching 88.6% correction at 1.1205. The negative divergence on both RSI and MACD, in addition to stability below Linear Regression Indicators are all negative supporting the possibility of extending the downside move. We should sell the pair just yet, whereas its approaching the key support of the minor ascending channel,a nd that requires breaking 1.1170 to confirm the possibility of extending bearishness towards 1.1120.
From the upside, breaching 1.1280 and stability below it brings positivity back again and cancels any possibility of extending the downside move.
The pair is trading close to 0.8825, which is the sideways range resistance limiting the latest trading waiting to breach this level to confirm extending the upside move over short and intraday basis. Our next target resides at 0.9000 and Linear Regression Indicators are providing positive signals that support the suggested bullishness that remains valid by stabilizing above 0.8690.
The pair is trading around 0.8000, as breaching it and stabilizing above it is significant to confirm the positive expectations of extending the upside move targeting 0.8070 and 0.8140. A break below 0.7900 threatens to fail the suggested expectations.
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