This is a technical analysis to note key institutional levels, not a trade recommendation.
After bouncing just ahead of the 1.058 key institutional support level buying pressure is evident.
Focus is now on the 1.0719 key institutional resistance level.
A sustained break above it will clear upside with next key institutional resistance level at 1.0851.
Only move all the way back down to 1.058 will take pressure off the upside and put the focus on the downside.
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
After bouncing just ahead of the 1.058 key institutional support level buying pressure is evident.
Focus is now on the 1.0719 key institutional resistance level.
A sustained break above it will clear upside with next key institutional resistance level at 1.0851.
Only move all the way back down to 1.058 will take pressure off the upside and put the focus on the downside.
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
