The pair took advantage of its repeated stability above 210.40, along with the positive momentum generated by stochastic as it reached overbought territory, to form new bullish waves. This brought the price within a short distance of its target at 212.20, before it began moving sideways as this level formed an additional barrier to further upside attempts.

 

The 55-period moving average remains positioned above the current price, creating a conflicting technical signal that prevents confirmation of a bullish trend reversal. This leads us to favor some bearish trading, potentially targeting 210.80 and then 210.00. However, a breakout above the 55-period moving average, followed by sustained trading above it, would confirm the pair’s readiness to achieve further gains, with targets at 212.65 and 213.25, respectively.

 

The expected trading range for today is between 210.00 and 212.00.

 

Trend forecast: Bearish