FXstreet.com (Barcelona) - The Dollar bounced yesterday at 94.20 low and appreciated through Asian and Early European session on Tuesday, reaching levels above 95.00, although the pair has been capped at 95.25, and turned down to test 95.00 support at the time of writing.
According to Greg Holden, technical analyst at Forex Yard, a bearish cross in slow stochastic shows the possibility of a downward correction: "Narrow range trading continues as the pair did not make a significant move in either direction, and is currently traded around the 94.80 level. The hourly chart's Slow Stochastic is showing a fresh bearish cross suggesting that downwards correction might take place in the nearest time frame."
below 95.00 next support levels lie at 94.50/60 (Jul 31 low), and below there, 94.20 (Aug 17 low) and 94.00 (Jul 29 low). On the upside, initial resistance lies at 95.25 intra-day high, and above there, 95.40/50 (intraday/ Aug 14 high) and 95.70/80.
FXstreet.com (Barcelona) - The Dollar bounced yesterday at 94.20 low and appreciated through Asian and Early European session on Tuesday, reaching levels above 95.00, although the pair has been capped at 95.25, and turned down to test 95.00 support at the time of writing.
According to Greg Holden, technical analyst at Forex Yard, a bearish cross in slow stochastic shows the possibility of a downward correction: "Narrow range trading continues as the pair did not make a significant move in either direction, and is currently traded around the 94.80 level. The hourly chart's Slow Stochastic is showing a fresh bearish cross suggesting that downwards correction might take place in the nearest time frame."
below 95.00 next support levels lie at 94.50/60 (Jul 31 low), and below there, 94.20 (Aug 17 low) and 94.00 (Jul 29 low). On the upside, initial resistance lies at 95.25 intra-day high, and above there, 95.40/50 (intraday/ Aug 14 high) and 95.70/80.
