Price went upwards above the resistance level at
0.9450, but it could not stay above that level. Price is currently coming down,
now below the resistance level at 0.9350. The next target is the support level
at 0.9300, which would be tested today or early next week. This has a potential
to overturn the recent bearish bias.
The EMA 11 is sloping back towards the EMA 56, and
the Williams’ % Range period 20 is in the oversold region. This means, the
outlook on the market may turn bearish, in case the bearish movement persists.
The Bullish Confirmation Pattern in the market is now under threat.