From a chartist's point of view, the downside breakout of a short term rising trend line has reinstated a bearish bias. Prices remain within a downward-sloping channel and are capped by the declining 20/50DMAs. The daily RSI (14) is below 50% and capped by a declining trend line. Readers may want to consider the potential for opening Short positions below the key resistance at 1874p, with 1554p and 1400p as bearish targets. Alternatively, a break above 1874p would call for a short term recovery towards 2027p and 2200p.
Source: GAIN Capital, TradingView
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