The pair moves in a 6-week continuous downtrend. Last Thursday, the pair made a low at the level of 0.8699. The pair will face stiff resistance at the R1 level in the H4 chart. If the pair crosses the R1, it will climb up to R2 at the level of 0.87705, and there it will face a strong resistance level (R2). The trend will change at the level of R2. If the pair crosses the R2 level, it will rise to 0.8878. In the hourly chart, the RSI is making a positive divergence. This view is purely hourly and intraday trading perspective. On the downside, if the pair breaks the previous low of 0.8699, it will drift towards 0.8648, 0.8611, and 0.8568.
Recommendations-
Intraday-
Buy with sl 0.8699, targets at 0.8746, 0.8768, 0.8788, and 0.8876.
Sell below 0.8699 with targets at 0.8648, 0.8611, and 0.8568.
The material has been provided by InstaForex Company – www.instaforex.com
The pair moves in a 6-week continuous downtrend. Last Thursday, the pair made a
low at the level of 0.8699. The pair will face stiff resistance at the R1 level in the H4 chart. If the pair crosses the R1, it will climb up to R2 at the
level of 0.87705, and there it will face a strong resistance level (R2). The trend will change at the level of R2. If the pair crosses the R2 level, it
will rise to 0.8878. In the hourly chart, the RSI is making a positive divergence. This view is purely hourly and intraday
trading perspective. On the downside, if the pair breaks the previous low of 0.8699, it will drift towards 0.8648, 0.8611, and 0.8568.
Recommendations-
Intraday-
Buy with sl 0.8699, targets at 0.8746,
0.8768, 0.8788, and 0.8876.
Sell below 0.8699 with targets at 0.8648,
0.8611, and 0.8568.
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