The pair retested the resistance level at 212.00 during yesterday’s trading, before closing negatively below it. This came amid the presence of the 55-period moving average near this resistance, limiting the pair’s chances of shifting into an uptrend. Therefore, we will continue to wait for the price to gather negative momentum, which could activate bearish attempts targeting 210.40 initially, followed by the support barrier at 209.10.

 

On the other hand, a successful breakout above the current resistance, followed by holding above it for at least four hours, would invalidate the bearish outlook and give the price an opportunity to record further gains, initially targeting 212.85 and 213.55.

 

The expected trading range for today is between 210.75 and 212.00

 

Trend forecast: Bearish