Stay 
Trading Conditions
Products
Tools
Yesterday, the bears were the first to break out of the zone of uncertainty and away from the monthly medium-term trend (1.0504). Today, they need to confirm the result and, if possible, continue the decline. The immediate targets are the recent low at 1.0334 and the support at the final level of the monthly Ichimoku cross (1.0321). A breakthrough of these levels would open the path to the nearest monthly low at 0.9536, with additional support potentially coming from the 1.0201 area.
Yesterday's significant bearish move expanded the range of the classic Pivot levels, placing the next downward targets at 1.0294, 1.0235, and 1.0126—all currently far from the price chart. If the decline is halted, the bulls must reclaim key levels on the lower timeframes: 1.0403 (the central Pivot level of the day) and 1.0485 (the weekly long-term trend).
***
Bears successfully reversed the pair from daily resistance levels, returning to the weekly Ichimoku cloud supports (1.2589–1.2587) and the monthly Fibonacci Kijun (1.2561). Breaking and updating the recent low at 1.2486 would restore the downtrend on the daily and weekly timeframes and initiate the formation of a bearish target for breaking the weekly Ichimoku cloud, with further monthly timeframe targets at 1.2290–1.2301. For the bulls, the nearest resistances remain at the levels of the daily Ichimoku cross at 1.2648–1.2680.
On the lower timeframes, bears hold the advantage, but the pair is currently in an upward correction. Resistance levels are located at 1.2619 (central Pivot level of the day) and 1.2668 (weekly long-term trend). A consolidation above the weekly trend could shift the balance of power, targeting further upward levels at 1.2675, 1.2781, and 1.2837 (classic Pivot levels). Conversely, if the correction ends and bearish activity resumes, intraday attention will focus on the supports at 1.2513, 1.2457, and 1.2351 (classic Pivot levels).
***
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
