Technical analysis
Mohamed Samy
On Wednesday, bearish pressure continued to push the pair to the downside recording a low at 1.2945 affected by decrease in risk apetite of investors.
Price Level 1.2950 held the price above forming a pin bar on the 4H chart pushing the pair to trade above 1.3000 again.
Yesterday we had week bullish movement with daily high at 1.3049 failing to stabilize above it.
The current situation is still negative for the pair on the long-term as long as the pair is trading below 1.3300.
Failure to break 1.3000 will try to support the pair to retrace towards 1.3100-1.3150 before resuming the downside movement as long as the bulls defend the low at 1.2945.
Break of 1.3000 to the downside will put bearish pressure again to target 1.2875 which is expected to bring a mid-term bullish move.
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