Near-term directionless mode may extend after repeated rejection at range top
The uptrend from early May’s low at 0.8489 shows initial signs of stall, following repeated rejection at 0.8975 (also 18 June high).
Wednesday’s Doji candle signaled indecision, while today’s action remains in red and supports negative signals.
South-heading momentum and RSI and stochastic reversing from overbought territory add to scenario.
However, there is a long way for reversal confirmation, as the action in past two weeks held within 0.8975/0.8872 range, with range floor marking pivotal support, loss of which is needed to confirm double-top and generate initial signal for deeper correction of 0.8489/0.8975 ascend.
Fresh easing faces solid supports at 0.8924 (rising 10SMA) and 0.8902 (rising 20SMA) and needs to break both supports for attack at 0.8872 pivot.
Otherwise, extended consolidation with existing larger bullish bias could be expected while the price holds within 0.8975/0.8872 range.
Res: 0.8962; 0.8975; 0.9000; 0.9061
Sup: 0.8924; 0.8902; 0.8872; 0.8861