1-Day Analysis:
Big Picture: The previous weekly closing was weak as the higher levels triggered a sharp rejection, prompting some aggressive profit-taking. The recent occurrence is expected to put some pressure on the pair if bulls try to drive prices higher. In the upcoming days, a corrective cycle can be considered, and any potential strength could be used for profit-taking.
On the Upside on lower time frames, a handful of intra-day challenges have emerged. The key resistance levels are at 43,050, 43,200, and 43,455. Price needs some acceptance over 43,455 to move towards 43,900, followed by 44,500. Meanwhile, to extend the upside, strength over 44,500 will be critical as it would allow the price to climb towards 45,920 next.
On the Downside there is some slight support around 42,760, but the stronger waves of support are from 42,540 to 42,470. Price has held this range quite effectively, which is why lower declines are now being denied. However, any pressure accumulation below 42,470 might push the price down into the trendline supports at 41,400 to 41,090, and possible lower at 40,600, which is the midpoint of the current prevailing range.
