© Dukascopy Bank
|
The price was capped twice around $1.3376 level before the formation appeared. The Stochastic indicator is recovering from its oversold area, which leads to the possible price rebound. If the pair increases, the short-term target for long traders could be around $1.3376 where the present resistance level stands.
The formation tried to break the support level near $1.3309/35 but did not succeed. The present bias for 30M timeframe is neutral, while for 1H and 4H most of the indicators give "Buy" signal. If the price continues falling, the first target for short traders could be around $1.3310, near previous local low.