The pair posted another negative close below the resistance barrier at 177.80, forming bearish waves while settling near 177.45, affected by stochastics’ attempt to exit overbought territory, allowing the pair to gather additional negative momentum in the current period.

 

The successful accumulation of bearish momentum reinforces our negative outlook, targeting 176.35 in the near term, reaching the next target near 175.75. However, a rise above the resistance barrier, accompanied by a positive close, would confirm the pair’s submission to the dominance of the bullish corrective trend. In this scenario, we would expect the price to pursue further gains, gradually advancing toward 178.60 and 179.40.

 

The expected trading range for today is between 176.35 and 177.80.

 

Trend forecast: Bearish