Bulls having it hard
Tatiana Norkina, FBS analyst
Yesterday's trading has once again proved deficiency of the bulls that have been trying unsuccessfully to change the game for their own beniefit for the past two weeks. Indeed, despite the break through the cloud and the prices fixing in the positive zone, they have again failed to get through the strong resistance of the 121st figure. By the trading session closing, the currency pair rate has tumbled below the 120th figure, returning to the cloud area.
All four-hour indicator lines have turned sideways, going flat, but at the same time, the golden cross retains its effect and the cloud remains bullish, leaving hope for the buyers for a possible currency pair rate recovery.
Under these circumstqances, the pair's growth is only possible in case the bulls manage to break through the Tenkan and Kijun lines resistance in the 120.20/30 area. Otherwise, we will expect prices collapse below the cloud, with further development of the bearish scenario.
Technical levels: support – 119.90/120.00; resistance – 120.20/30, 120.80, 121.20.
1. Buy — 120.20; SL — 120.00; TP1 — 121.00; TP2 — 121.20.
2. Sell — 119.60; SL — 119.80; TP1 — 119.10; TP2 — 118.50.