Weekly: divergence can be seen on the weekly chart. Chart makes a higher high while the oscillator ( ) makes a lower high, often seen before the change of a trend. We have posted an Evening Star from the high (topping pattern). Last weeks Marabuzo (mid-point from open and close) is located at 1.1690
Daily: Broken out of the Ending formation to the downside. The measured move target is 1.1258. We have bespoke support inside this level at 1.1292. Reverse resistance, and a solid barrier, is seen at 1.1728
Intraday (four-hours) – Levels close to the 261.8% extension level of 1.1515 found buyers. The most important fact is that our bespoke support at 1.1565 is attracting bulls. With the medium-term outlook , we expect rallies to be corrective and limited. Setting shorts close to 1.1670 with a stop above the reverse resistance and the target at 1.1258 (bespoke inside at 1.1292) offers great risk/reward.