Although the price is staying above the ascending trend line support, we anticipate a short-term bearish decline since the price has reached a significant resistance level where the price reversed three times. If the price drops below first resistance, it will continue to trend downwards towards first support.
The support rests at 111.03 with resistance at 111.26 and the price is moving above the Pivot Point at 109.41. The EMA of 10 is moving in bullish bias in the ascendant channel and passed the EMA100 and EMA of 200. The RSI is in high ranges, the MACD histogram is in positive territory. The Stochastic is moving in the overbought area and created a crossover sell signal. The ADX is not showing a clear signal. The price is above the Ichimoku Cloud and the Chinkou Span is far away the market price. The Tenkan-sen and the Kijun-sen are both showing an upward momentum.

• There is resistance at 111.26, followed by resistance at 111.37 and 111.49.
• There is support at 111.03 Below, there is 110.91 and 110.80.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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