Daily Chart
As we have already mentioned in our yesterday's analysis, the pair continued descending below its weekly pivot to find support on line 2/8 (red line) and this remains an important level of reversal. We hope that this is the last day of the U.S. dollar fall and it may begin to recover next month. Now we can observe an oscillator strength and the bearich trend, however we believe that the downward pressure would no longer be strong enough to bring rates until at least S - 2 and even less to the line eighth unless the other week we have strong data that could move the market in this direction.
4-Hour Chart
The 4-hour chart paints a similar picture, we can notice how the prices are falling within a next target in a short-term weekly support and this could be the last minimum to close this month. This gives us an interesting opportunity to enter long positions with minimal risk of about 30 pips below this support. The bottom window indicators show that the momentum is still maintained on the MACD line and can fell below if the downward trend could continues.
1-Hour Chart
Finally, the 1-hour chart shows that we entered below the line 0/8 (blue line) and considered its last support area in this time frame and immediately is retracting some pips above this. However, you may still see volatile prices again reaching below the extreme line exceeded -1 / 8 (white line) to only then start a change of address. However, we believe that any entry above 0.9033 would give us a good opportunity to gain a minimum level of risk.
If you have any questions or suggestions, please contact:
Email:antonio.inga@analytics.instaforex.com
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