DFM Technical OverviewPosted on Sunday, October 1 2017 at 5:33 am GMT+0000
Bearish pressure continues.
Having in mind the given neutral outlook, long term positions remain on hold at present time while waiting for stronger trending characteristics to appear on the weekly charts. In the medium term, the formation of a lower top on the daily timeframe outlined at 1.24 followed by the break below 1.13 is acting as a confirmation towards the Bearish trend on the daily timeframe and adds to the potential for further losses, where a challenge of the May low of 1.03 became a strong possibility. This level is expected to provide support, but a break below it will change the overall current long term neutral picture also to a more Bearish one.