Pivot point: (1.36000).
The preferred scenario: Entering long positions above the level of 1.36000 points, with 1.37000 points as the initial price target, followed by 1.38300 points.
Alternative scenario: In the event the price drops below the level of 1.35777 points, it is possible to enter into short deals with 1.34350 points as an initial price target.
Comment:
The pair is breaching the descending price channel that started since May 2021, around the pivotal resistance level 1.36000 points, and therefore we recommend opening long positions to target the next resistance level 1.37000 A point as an initial target, followed by 1.38300 points. In the event of a decline below the level of 1.35777 points, the previous scenario will be canceled, and it is recommended in this case to open selling deals to target the next support level 1.34350 points.
