The price pivot zone of 459.00 holds back sellers. An “inverted hammer” reversal pattern has formed on the daily chart, a likely reversal was confirmed by the bullish candle. Awesome Oscillator indicates a bullish divergence, while the moving averages of Stochastic Oscillator are in the oversold zone.
The pair has grown significantly in the recent days amid a weaker US dollar following the increased demand for risk assets. But it’s technically overbought, and the rally has stopped in the stock markets, which may result in a downward correction of the pair.
Technical side:
The price is …
The overall trend is downward. The ascending truncated H1 level pattern ended with the breakout of the inclined channel. A breakout of 0.9127 will result in the formation of a descending wave pattern. Awesome Oscillator shows a bearish divergence, while Stochastic Oscillator indicates an overbought condition.
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