EJ Weekly Analysis
After the pair found support on 127.25 and several rejection signal was formed, the pair quickly rally to the upside as the bulls tries to resume the up trend. However, the rally seems to be correctional rather than a reversal as it failed to push above when it meet with strong resistance at 131-132 region. Subsequently, this potentially formed a new lower high, indicating that the down trend is still in play.
In the upcoming weeks, the pair is likely to test the downside at 130 where it will encounter a strong demand zone for bulls. A sustained break below 130 would expose further downside at 127.25.
On the flipside, if a rejection was found on 130 region, the pair would potentially retest the upside at 131-132 for another upside break.
Bias
Long-term: Bearish
Short-term: Bearish
In the upcoming weeks, the pair is likely to test the downside at 130 where it will encounter a strong demand zone for bulls. A sustained break below 130 would expose further downside at 127.25.
On the flipside, if a rejection was found on 130 region, the pair would potentially retest the upside at 131-132 for another upside break.
Bias
Long-term: Bearish
Short-term: Bearish
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