The pair attempted to benefit from the Stochastic indicator’s move out of oversold territory by forming some corrective bullish waves, with the price currently fluctuating near 178.55. This rebound does not pose any threat to the bearish scenario, supported by the stability of the key resistance at 180.80, in addition to the formation of 179.45 as an additional barrier against further bearish trading.

 

Accordingly, we will continue to wait for the price to gather additional bearish momentum, which would strengthen the chances of attacking 177.35 soon and then attempting to pressure the next support at 176.70.

 

The expected trading range for today is between 177.35 and 179.40

 

Trend forecast: Bearish