1-Day Analysis:
Big Picture: Bulls lacked momentum, allowing sellers to push down below the months-long trendline support. This is an emerging indication of pressure for the bulls, who are expected to see a deeper corrective pullback in the coming hours and days. Since the price deviation above the Range-Top, sellers have been persistent in initiating rounds of profit-taking and pressure, keeping the general trend weak and set for a decline.
On the Upside many resistances have now surfaced for the pair. The primary resistance is presently at 41,045, followed by 41,450. Although price was able to remain above 41,450 during the weekend, but there was no significant momentum despite a simple attempt at the 42,240 level, which served as an enormous wall, preventing any additional bullish advances. These levels will continue to act as resistances during the day..
On the Downside the mid-level of the prevailing range is currently experiencing ongoing pressure. Over the last few months, this mid-range support around 40,610 has prevented price from sliding further, and although being tested multiple times, it has negated any candle closings below it. However, persistent pressure may now overwhelm this support level, extending the fall to the daily EMA-100 level and perhaps to lower support levels between 38,550 and 37,800.
