The pair has recorded much bullish behavior in the past few days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the 4-hour chart slow stochastic signals that a bearish reversal is imminent. In addition, the Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• The next resistance levels are found at the 0.9990, 1.0030 and 1.0050 levels
• The next support levels are 0.9930, 0.9900 and 0.9880 levels.
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Anton Eljwizat is a Currency Analyst with ForexYard. His experience in writing technical analyses for trading companies such as ForexYard has helped Anton stand out among other analysts. His understanding of technical indicators and chart analysis helps him provide some of the most groundbreaking analysis in the market today. His writings have been published on the ForexYard Trading Blog and affiliate websites. Anton holds a degree in Business Management from Ryerson University as well as a degree in Finance from Centennial College in Canada.
