The pair ended its recent bearish attempts after touching the 176.15 level, before beginning to form some upward corrective waves and advancing toward 177.30. This indicates that it is currently resisting negative pressure, increasing the chances of renewed pressure on the resistance barrier near 178.10.

 

We would like to note that breaking above the targeted barrier and holding above it would open the way toward new bullish targets at 178.70 and 179.40. However, renewed bearish momentum would require the price to break below the support level at 174.95 and hold below it.

 

The expected trading range for today is between 176.40 and 178.10

 

Trend forecast: Correctively bullish