Intraday Technical Outlook Update:
Bullish Bias Strengthens on Upside Move
Current Price: 1.9257 (updated from previous last known 1.9120)
Main Scenario: The bullish preference remains intact and has gained traction. As long as 1.8732 continues to hold as support, look for further upside toward the key target of 1.9930.
Pivot Level: 1.8732 (still well below current price – supportive)
Alternative Scenario: Only a clear downside breakout below 1.8732 would invalidate the bullish view, potentially calling for declines toward 1.8286 and 1.8020.
Technical Commentary: The move higher to 1.9257 reinforces the constructive setup. Price remains comfortably above both the 20-period moving average (previously at 1.9061) and the 50-period moving average (previously at 1.8905), supporting ongoing bullish momentum. The RSI staying above 50 continues to signal strength, while the MACD's positive reading (despite being below its signal line) allows room for a short-term retrace without derailing the uptrend. This upside progress reduces the immediate risk of a deeper pullback for now.
Key Support and Resistance Levels (unchanged):
Resistance: 2.0463 (), 2.0196 (*), 1.9930 (), 1.9664
Current Price: 1.9257
Support: 1.8907, 1.8732 (), 1.8286 (*), 1.8020 ()
The intraday structure favors buyers while above the pivot, with the recent gain adding conviction to the push toward 1.9930. Monitor for any signs of exhaustion near higher resistances, and maintain strict risk management.
Trading involves significant risk; always conduct your own due diligence and consider professional advice where appropriate.
