The cross has been trading in a triangle pattern over recent days and the price is currently testing the lower bound of this triangle pattern today (Wednesday), as the cross is down by 0.20 per cent and it was trading at around 0.7620 during the London session.
If the price drops further below the support line, currently at 0.7625, the short-term outlook could switch to bearish, with the next target at the medium-term upward trend line near 0.7580. This trend line is very important for bulls, because if they do not defend it, the medium-term outlook could switch to bearish. The next zone might be at around 0.7550, where both the 200- and 100-day moving averages converge.
On the upside, the resistance might be near 0.7650 and could move to the upper line of the triangle pattern near 0.7670. If this one is broken, the bullish trend could be confirmed, with the next level of interest at the current swing highs at 0.7720.
The RSI indicator is yet to send a bearish signal, but if it declines below the green horizontal line, the downward momentum could be supported by this breakdown.
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
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