<p>On the daily chart below, we can
see that the price started to lose momentum falling into the neckline <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at the 1.1839 price level. The <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> are acting as <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> and the sellers keep leaning on
them. </p><p>This suggests a bearish bias as
the economic data keeps coming in hot like the <a target=“_blank“ href=“https://www.forexlive.com/news/us-feb-ism-manufacturing-477-vs-480-expected-20230301/“>ISM
Manufacturing PMI</a> report and the Fed is starting to lean on the more
hawkish side like <a target=“_blank“ href=“https://www.forexlive.com/centralbank/fed-waller-fomc-may-need-to-raise-rates-beyond-decembers-51-54-central-tendency-view-20230302/“>Fed’s
Waller</a> suggested yesterday. </p><p>Today we will have the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>ISM Non-Manufacturing PMI</a> report and if that beats
expectations we are likely to see more selling pressure with a possible
breakout of the neckline.</p><p>On the 4 hour chart below, we can
see how the sellers leant on the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> and pushed the price lower. This
is starting to look like a <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>descending
triangle</a> pattern with the base at the 1.1922 level. </p><p>The sellers will eye a break
below that level to get even more conviction for a breakout of the neckline.
The buyers will need a break above the trendline to get the conviction to make
higher highs.</p><p>On the 1 hour chart below, we can
see the key levels of the current range. We have the resistance at 1.2143 and
the support at 1.1922. Today will be all about the ISM report and the market
will go where the data will take it. </p><p>If the data beats expectations,
especially the “prices” sub-index, then we will see the sellers in full control
and the support giving way. If the data misses expectations, we will see a
rally towards the trendline. </p>
see that the price started to lose momentum falling into the neckline <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at the 1.1839 price level. The <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> are acting as <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> and the sellers keep leaning on
them. </p><p>This suggests a bearish bias as
the economic data keeps coming in hot like the <a target=“_blank“ href=“https://www.forexlive.com/news/us-feb-ism-manufacturing-477-vs-480-expected-20230301/“>ISM
Manufacturing PMI</a> report and the Fed is starting to lean on the more
hawkish side like <a target=“_blank“ href=“https://www.forexlive.com/centralbank/fed-waller-fomc-may-need-to-raise-rates-beyond-decembers-51-54-central-tendency-view-20230302/“>Fed’s
Waller</a> suggested yesterday. </p><p>Today we will have the <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>ISM Non-Manufacturing PMI</a> report and if that beats
expectations we are likely to see more selling pressure with a possible
breakout of the neckline.</p><p>On the 4 hour chart below, we can
see how the sellers leant on the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> and pushed the price lower. This
is starting to look like a <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>descending
triangle</a> pattern with the base at the 1.1922 level. </p><p>The sellers will eye a break
below that level to get even more conviction for a breakout of the neckline.
The buyers will need a break above the trendline to get the conviction to make
higher highs.</p><p>On the 1 hour chart below, we can
see the key levels of the current range. We have the resistance at 1.2143 and
the support at 1.1922. Today will be all about the ISM report and the market
will go where the data will take it. </p><p>If the data beats expectations,
especially the “prices” sub-index, then we will see the sellers in full control
and the support giving way. If the data misses expectations, we will see a
rally towards the trendline. </p>
This article was written by ForexLive at www.forexlive.com.