This is a technical analysis to note key institutional levels, not a trade recommendation.
A sharp reversal at the 115.62 high right in line with trend line resistance has eased upside pressure and put focus on the downside.
Below 115.62 will likely see further downside.
113.63 will act as a break level in the event of downside as it is a likely place to see institutional buying interest.
If it fails to hold next downside target is at the 112.57 institutional support.
Only a sustained break above 115.62 will expose further upside.
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
A sharp reversal at the 115.62 high right in line with trend line resistance has eased upside pressure and put focus on the downside.
Below 115.62 will likely see further downside.
113.63 will act as a break level in the event of downside as it is a likely place to see institutional buying interest.
If it fails to hold next downside target is at the 112.57 institutional support.
Only a sustained break above 115.62 will expose further upside.
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
