Price pushed South to 1.0777, reversed and finished higher at 1.0871.
The bias remains Neutral near term.
1st resistance is seen at 1.0885. A clear break above that mark could cause more Bullish pressure retesting to 1.0969.
1st support is seen at 1.0800 – 1.0777. A clear break below that mark could bring on more Bearish pressure testing at 1.0700.
On the Northside, a clear break and daily/weekly close above 1.0969 could cause more Bullish pressure testing at 1.1060 and the trend line resistance next week. As long as price stays below the trend line resistance prefer the Bearish scenario.
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical  trader.
Paul Ebeling is best known for his work as writer and publisher of "The Red Roadmaster's Technical Report" on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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