Although maybe driven by illiquidity at the start of a new year, the surge and the very beginning of 2019 trading above 1.1500 has produced an intermediate-term bullish shift.
Furthermore, and despite the subsequent setback, this positive price action sets risks to the upside for Wednesday.
- We see an upside bias for 1.500/05 and 1.1545/50; break here aims for 1.1580/81.
- But below 1.1441/36opens risk down to 1.1398, then maybe towards 1.1363.
Intermediate-term Outlook – Downside Risks: We see a downside risk for 1.1119.
- Lower targets would be 1.1000 and 1.0839
- What Changes This?1500 shifts the outlook straight to a bull theme.
Resistance and Support:
4 Hour Chart