With the opening of trading in Asia on Monday, this currency pair is trading with an increase in quotations, remaining within the current support level at 1.3730 and the resistance level at 1.3803, where the market chart progresses slightly above the exponential moving averages with a period of 21 and 55 days, demonstrating the advantage of buyers and the continuation of the uptrend in this market in the short term.
On the four-hour chart, the moving averages continue to move up, but slow down, reducing the discrepancy, which indicates a weakening of the uptrend in this market in the short term.
The technical picture shows the transition of the initiative to bears with a weakening of the upward potential, as the MACD histogram dropped to the area below its central line, and the strength indicator of the current RSI movement dropped to the 50 line, confirming the equivalent potential of buyers and sellers in this market in the short term.
Thus, we intend to stay out of this market today and wait for the appearance of clearer and unambiguous signals.