- The pair has breached a key ascending trendline, so a pullback could be on the cards.
- The pair could be forming a double top bearish reversal pattern with a neckline support at 109.42.
- A break below 109.42 would allow a drop to 109.10 – target as per the measured height method.
15-minute chart
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Spot Rate: 109.62
Daily High: 109.77
Daily Low: 109.45
Trend: Bearish
R1: 109.77 (session high)
R2: 110.17 (200-day moving average)
R3: 110.48 (Feb. 2 high)
Support
S1: 109.42 (double top neckline)
S2: 108.82 (38.2% Fib R of 104.63-111.40)
S3: 108.53 (rising/bullish 50-day moving average)
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