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Yesterday, the pair confirmed and experienced a corrective rise. By the end of the day, the resistance from the daily short-term trend at 1.0308 was tested. The outcome of this interaction will determine the next direction. A rebound from this level might suggest a renewed approach to the unbroken support at 1.0200. However, if the bulls manage to surpass 1.0308, the upward correction could gain new momentum. The targets for this correction would include other levels from the daily Ichimoku dead cross at 1.0338, 1.0387, and 1.0436, as well as the weekly short-term trend at 1.0419.
On the lower timeframes, the pair has risen above key levels located at 1.0276 (weekly long-term trend) and 1.0285 (daily central pivot point). This gives the bulls an advantage, allowing them to leverage the support from these key levels to challenge the daily short-term trend at 1.0308. If the rise continues, intraday targets will include the resistance levels of the classic pivot points at 1.0332, 1.0355, and 1.0402. However, if the key levels of 1.0276 and 1.0285 are lost, it would bring the support levels from the classic pivot points (1.0262, 1.0215, and 1.0192) back into play.
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After rebounding from the lower boundary of the monthly Ichimoku cloud at 1.2099, the currency pair has struggled to maintain a consistent upward correction. The lack of momentum indicates hesitation and the potential for uncertainty. Currently, the key targets for further correction are the upper boundary of the monthly cloud at 1.2301 and the daily short-term trend at 1.2336.
On the lower timeframes, the primary advantage remains with the bears; however, the pair is currently trading within a zone of upward correction. For the bulls to regain control, they need to break through the resistance at the weekly long-term trend level of 1.2252 and reverse the trend in their favor. Intraday movement targets for the bulls include the classic pivot point resistance levels of 1.2261, 1.2309, and 1.2371, while the bears will focus on the support levels of 1.2151, 1.2089, and 1.2041.
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