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Being unable to rise beyond 0.9067 the currency couple began trending downwards, a tendency that persists for more than 160 hours. A noteworthy fact is that the decline did not develop in a disorderly manner. Instead it was contained by the downward-sloping trend-lines. Fluctuations in the foreseeable future are also expected to take place within these borders, given that the market tends to respect them on a consistent basis.
Accordingly, the outlook on the pair is bearish, especially since the price is just beneath a major resistance at 0.8833 (down-trend line and daily pivot point).
© Dukascopy Bank SA