The pair is trading between the trend lines. Yesterday, after the Fed met, the pair was beaten hardly to support levels. During yesterday’s trading session, the pair held the 21EMA level at 0.9142. Within today’s Asia’s trading session, the pair has broken the 21EMA and is trading near another short-term support level at 0.8993. As of now, it made a low at 0.9001.
In the H4 chart the pair is holding 200EMA and the RSI is showing buy signal. We expect some pullback from the current levels. This view will validate until the pair breaks the 0.8977. On the upside 0.9050 is the first resistance levels, above that, 0.9059, 0.9072, and 0.9137 will be possible in intraday. On the down side, if the pair breaks the 0.8977 level, the immediate support will exist at 0.8955 which is a stop loss level for my pullback view on an intraday basis.
Recommendation-
Intraday
Buy with sl 0.8955 and targets at 0.9045, 0.9059, 0.9072, and 0.9137.
Positional basis- If the price breaks below the 0.8933, next support comes at 0.8941, 0.8923, and 0.8890. A break below 0.8890 will cause more weakness in the pair towards the lower levels at 0.8730 and 0.8693.
The material has been provided by InstaForex Company – www.instaforex.com
The pair is trading between the trend lines. Yesterday, after
the Fed met, the pair was beaten hardly to support levels. During yesterday’s
trading session, the pair held the 21EMA level at 0.9142. Within today’s Asia’s trading
session, the pair has broken the 21EMA and is trading near another short-term support
level at 0.8993. As of now, it made a low at 0.9001.
In the H4 chart the pair is holding 200EMA and the RSI is
showing buy signal. We expect some pullback from the current levels. This view
will validate until the pair breaks the 0.8977. On the upside 0.9050 is the
first resistance levels, above that, 0.9059, 0.9072, and 0.9137 will be possible
in intraday. On the down side, if the pair breaks the 0.8977 level, the immediate
support will exist at 0.8955 which is a stop loss level for my pullback view on an intraday basis.
Recommendation-
Intraday
Buy with sl 0.8955 and targets at 0.9045, 0.9059, 0.9072, and 0.9137.
Positional basis- If the price breaks below the 0.8933, next
support comes at 0.8941, 0.8923, and
0.8890. A break below 0.8890 will cause more weakness in the pair towards the lower levels at 0.8730
and 0.8693.
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